Canadian Dollar Update April 23, 2018
USD/CAD Open: 1.2816-1.2817 Overnight Range: 1.2739-1.2817
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.45 and gold is at $1,326. 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 1.2851. Support is at 1.2678.
The Canadian dollar has extended last week’s decline early in today’s session. Wholesale trade sales declined unexpectedly, falling 0.8% against expectations of a 0.5% gain. Strong commodity prices continue to underpin CAD, but have been unable to offset pressure from widening interest rate differentials and short-term positioning adjustments. There are no top tier domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 23, 2018 | Daily Update |
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