Canadian Dollar Update January 19, 2018
USD/CAD Open: 1.2438-1.2439 Overnight Range: 1.2399-1.2454
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.28 and gold is at $1,333. 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 1.2486. Support is at 1.2399.
The Canadian dollar is flat early in today’s session, after a week of underperforming the majority of G10 currencies against the USD. There are no top tier releases scheduled for this week. Next week’s CPI and retail sales data, as well as continuing NAFTA negotiations, will be the primary risk to CAD in the short-term. Wednesday’s rate increase, and resultant rising expectations of future monetary policy tightening in 2018, have been minimally constructive for CAD given the similar outlook from the Fed in the U.S.
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 | January 19, 2018 | Daily Update |
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