Canadian Dollar Morning Update December 5, 2017
USD/CAD Open: 1.2665-1.2666 Overnight Range: 1.2623-1.2684
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.39 and gold is at $1,271. US futures are higher. Today Canada released trade data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2701. Support is at 1.2606.
The Canadian dollar continues to climb, extending gains from Friday’s rally. Today’s merchandise trade data was positive, with the trade balance narrowing to -1.47B vs. expectations of -2.7B. Increasing exports are an encouraging sign. Domestic rate expectations remain firmer, with a 25bp rate hike being priced in by March of 2018. Continued narrowing of yield spreads with the US and firmer oil prices are lending support to CAD. There are no additional domestic releases scheduled for the remainder of today’s session. A rate hold is widely expected at tomorrow Bank of Canada meeting.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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.
Click Here to Subscribe
By Admin | December 5, 2017 | Daily Update |
0 comments