Canadian Dollar Update January 17, 2018
USD/CAD Open: 1.2417-1.2418 Overnight Range: 1.2410-1.2461
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.61 and gold is at $1,336. 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 1.2472. Support is at 1.2408.
The Canadian dollar, trading narrowly ahead of this mornings Bank of Canada meeting. Options are implying an approximate 88% chance of a 25bp rate hike this morning, leaving some room for CAD downside in the event of a rate hold. The press conference will be of particular importance, as market participants look to assess the path for monetary policy tightening in 2018. There are no additional releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
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 17, 2018 | Daily Update |
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