Canadian Dollar Update December 12, 2017
USD/CAD Open: 1.2865-1.2866 Overnight Range: 1.2813-1.2866
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.14 and gold is at $1,241. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2883. Support is at 1.2803.
The Canadian dollar is unchanged this morning in quiet trading. Near-term risk is centered around tomorrow’s FOMC meeting, where a 25bp rate hike to the Fed funds target rate is widely expected. Domestic rate expectations are recovering slowly following last week’s Bank of Canada statement. Domestic risk is limited ahead of Thursday’s speech from BoC Governor Poloz. Expect CAD to trade based on its risk profile for the remainder of 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 | December 12, 2017 | Daily Update |
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