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Canadian Dollar Update January 2, 2018

USD/CAD Open: 1.2535-1.2536      Overnight Range:     1.2520-1.2560

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $60.39 and gold is at $1,315.  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 1.2571.  Support is at 1.2514.

The Canadian dollar is little changed from last Friday’s multi-month high. CAD is underperforming the majority of G10 currencies, amidst an environment of broad-based USD weakness. CAD’s primary drivers are well supported; WTI continues to maintain levels above $60/barrel, and yield spreads are steady. Expectations for monetary policy tightening in 2018 remain on track, with 25bps of tightening almost fully priced in by the March Bank of Canada meeting. The domestic calendar is quiet ahead of Friday’s employment and trade releases.

Today’s Suggested Range USD/CAD: 1.2500 – 1.2600


Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 2, 2018 | Daily Update | 0 comments

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