Canadian Dollar FX Update January 12, 2018
USD/CAD Open: 1.2514-1.2515 Overnight Range: 1.2499-1.2556
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.44 and gold is at $1,328. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2573. Support is at 1.2492.
The Canadian dollar is unchanged early in today’s session, and appears to have consolidated last Friday’s losses at current levels. US CPI and retail sales data were in line with expectations, causing minimal volatility. The domestic calendar is quiet leading up to next Friday’s Bank of Canada meeting, where expectations of a 25bp rate hike have moderated to approximately 70%.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | January 12, 2018 | Daily Update |
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