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Canadian Dollar Update April 11, 2018

USD/CAD Open: 1.2610-1.2611      Overnight Range:    : 1.2590-1.2623

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $66.05 and gold is at $1,354.  US futures are lower. There are no major domestic data releases scheduled for today.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.2690.  Support is at 1.2570.

CAD has consolidated yesterday’s gains, catalyzed by higher oil prices. Reports out of Saudi Arabia indicate that they would like to see WTI closer to $80/barrel, sparking the rally. US CPI narrowly missed expectations, falling 0.1% in March, the first drop in the past 10 months. There are no domestic releases scheduled for today’s session.

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 KBFX | April 11, 2018 | Daily Update | 0 comments

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