Canadian Dollar Update February 5, 2018
USD/CAD Open: 1.2462-1.2463 Overnight Range: 1.2397-1.2466
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.90 and gold is at $1,339. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2511. Support is at 1.2316.
CAD is quiet, consolidating Friday’s NAFTA related losses catalyzed by comments from PM Trudeau. Oil prices have been steady around recent levels. Domestic risk is limited for today’s session, with tomorrow’s merchandise trade data being the next data point of interest. The broader tone of risk-aversion leaves CAD vulnerable in the short-term.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 5, 2018 | Daily Update |
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