Canadian Dollar Update December 20, 2017
USD/CAD Open: 1.2844-1.2845 Overnight Range: 1.2818-1.2882
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.49 and gold is at $1,267. 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 1.2897. Support is at 1.2823.
The Canadian dollar is modestly higher this morning, outperforming the majority of G10 currencies. The end of the week will be busy domestically, as with CPI and retail sales data scheduled for tomorrow, as well as Friday’s monthly GDP for October. Domestic rate expectations have been firming following last Thursday’s speech from BoC Governor Poloz, and markets are pricing in 10bps of tightening for January at the moment. There are no top tier domestic releases scheduled for today.
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 20, 2017 | Daily Update |
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