Canadian Dollar Update January 24, 2018
USD/CAD Open: 1.2349-1.2350 Overnight Range: 1.2317-1.2428
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.40 and gold is at $1,352. 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 at 1.2441. Support is at 1.2273.
CAD is climbing this morning, amidst an environment of broad-based USD weakness. Risk on tone is aggressive, given recent comments from the US Treasury Secretary’s comments on the USD. Sentiment has been the dominant factor in pushing CAD higher. There are no domestic releases of consequence scheduled ahead of tomorrow’s retail sales data.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
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 24, 2018 | Daily Update |
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