Canadian Dollar Update December 14, 2017
USD/CAD Open: 1.2850-1.2851 Overnight Range: 1.2799-1.2866
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.15 and gold is at $1,256. 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 1.2871. Support is at 1.2808.
The Canadian dollar moved higher following yesterday’s Fed announcement. The USD fell broadly following yesterday’s 25bp rate hike. USD bulls were looking for an update to next year’s forecast. No such update came, as the Fed continues to anticipate three rate hikes in 2018. WTI has been stable around current levels for the past several sessions. There are no domestic releases scheduled for today, the primary risk to CAD is Governor Poloz’s scheduled speaking engagement this afternoon.
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 14, 2017 | Daily Update |
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