Canadian Dollar Update January 23, 2018
USD/CAD Open: 1.2470-1.2471 Overnight Range: 1.2438-1.2491
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.03 and gold is at $1,332. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is 1.2519. Support is at 1.2436.
CAD is lower early in today’s session, amidst an environment of broad-based risk aversion. Commodity currencies are struggling, as uncertainty surrounding global trade negotiations, including NAFTA, mounts. There are no high-level releases scheduled ahead of Thursday’s retail sales data. In the absence of domestic data, we expect CAD to continue to trade based on its risk profile.
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 23, 2018 | Daily Update |
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