Canadian Dollar Morning Update January 11, 2018
USD/CAD Open: 1.2545-1.2547 Overnight Range: 1.2527-1.2590
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.92 and gold is at $1,321. 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 1.2630. Support is at 1.2468.
The Canadian dollar is soft, declining for a fourth straight session. Yesterday CAD officials expressed NAFTA-related concerns surrounding a potential withdrawal from the U.S. Expectations of a rate hike at next week’s Bank of Canada meeting have moderated significantly, falling from nearly a 90% probability of a 25bp rate hike to approximately a 70% chance at present. There are no domestic releases scheduled for today.
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 11, 2018 | Daily Update |
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