Canadian Dollar Update December 22, 2017
USD/CAD Open: 1.2779-1.2780 Overnight Range: 1.2697-1.2797
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.98 and gold is at $1,275. US futures are lower. Today Canada released GDP data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2806. Support is at 1.2667.
The Canadian dollar has held onto yesterday’s data-driven gains. October GDP missed expectations narrowly, as growth was flat, against expectations of a 0.2% uptick. Trading is light ahead of the holidays. Yesterday’s strong inflation showing is a positive for the Bank of Canada, as inflation has been persistently lower than BoC mandated levels. Higher inflation will pave the way for additional monetary policy tightening in 2018. There are no additional releases scheduled for today.
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 | December 22, 2017 | Daily Update |
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