Canadian Dollar Update April 9, 2018
USD/CAD Open: 1.2772-1.2773 Overnight Range: 1.2758-1.2819
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.03 and gold is at $1,336. 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 1.2827. Support is at 1.2742.
The Canadian dollar is soft, retracing some of last week’s gains following disappointing NAFTA headlines. A “deal in principle” being reached this week is looking less likely; NAFTA-related headlines have impacted short-term sentiment significantly. This morning the Bank of Canada will release the quarterly Business Outlook Survey. Market participants are looking towards the Bank of Canada rate decision scheduled for the 18th of April, where 5bps of tightening are currently priced in.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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 9, 2018 | Daily Update |
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