Canadian Dollar FX Update January 9, 2018
USD/CAD Open: 1.2439-1.2440 Overnight Range: 1.2398-1.2448
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.15 and gold is at $1,313. 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 1.2511. Support is at 1.2354.
The Canadian dollar is slightly lower early in today’s session. Expectations of a rate hike at next week’s Bank of Canada meeting have firmed considerably following last Friday’s strong employment report; markets are pricing in an 85% chance of a 25bp rate hike. The backdrop for CAD remains constructive, as oil prices are steady around recent highs and yield spreads have narrowed in a CAD-negative manner. There are no domestic releases of note scheduled for today.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 9, 2018 | Daily Update |
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