Canadian Dollar Morning Update December 28, 2017
USD/CAD Open: 1.2601-1.2602 Overnight Range: 1.2580-1.2662
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.68 and gold is at $1,295. 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 1.2673. Support is at 1.2582.
The Canadian dollar is stronger, testing fresh multi-month highs amidst an environment of broad-based USD weakness. Broader market sentiment remains dominant, as light holiday trading coupled with a limited domestic calendar leaves CAD without a short-term catalyst. Oil prices are firm at the upper end of recent levels, and domestic rate expectations are improved. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 | December 28, 2017 | Daily Update |
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