Canadian Dollar Update December 11, 2017
USD/CAD Open: 1.2857-1.2858 Overnight Range: 1.2830-1.2869
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.51 and gold is at $1,249. 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 1.2884. Support is at 1.2810.
The Canadian dollar is little changed, consolidating within a narrow range. The domestic calendar is sparse this week, with Wednesday’s FOMC rate decision being the primary risk to CAD. A rate hike of 25bps has been almost entirely priced in at this stage. Markets will be looking to statement tone; however, it is unlikely the Fed will be overly committal with February’s impending leadership change. WTI is little changed. There are no major domestic releases scheduled, leaving CAD to trade based on its risk profile.
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 | December 11, 2017 | Daily Update |
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