Canadian Dollar Update April 10, 2018
USD/CAD Open: 1.2645-1.2646 Overnight Range: 1.2645-1.2710
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.63 and gold is at $1,343. 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 1.2765. Support is at 1.2619.
CAD is once again higher against the USD, rallying to levels last seen in late February. Risk appetite is improving, as global trade tensions appear to be easing. WTI is higher, buoying CAD. Domestic rate expectations remained unchanged following yesterday’s Business Outlook Survey, with markets expecting one 25bp rate hike to be delivered by July. There are no domestic releases scheduled for today’s session.
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.
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By Admin | April 10, 2018 | Daily Update |
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