Canadian Dollar Update February 22, 2018
USD/CAD Open: 1.2712-1.2713 Overnight Range: 1.2676-1.2761
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.98 and gold is at $1,329. US futures are higher. Today, Canada released retail sales data for December.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2723. Support is at 1.2636.
The Canadian dollar continues to sink lower early in today’s session. Yesterday’s Fed minutes revealed little, with the expectation of gradual rate increases remaining intact. Canadian retail sales for December disappointed, falling 0.8% month-over-month, against flat expectations. WTI remains well supported at current levels. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 | February 22, 2018 | Daily Update |
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