Canadian Dollar Update January 10, 2018
USD/CAD Open: 1.2489-1.2490 Overnight Range: 1.2427-1.2493
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.36 and gold is at $1,320. 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 1.2537. Support is at 1.2420.
CAD is lower early in today’s session, showing signs of consolidating recent gains. Markets are currently pricing in an 87% chance of a 25bp increase at next week’s Bank of Canada meeting, representing a remarkable increase following last Friday’s employment data. Higher oil prices continue to underpin CAD strength. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 | January 10, 2018 | Daily Update |
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