Canadian Dollar Update January 25, 2018
USD/CAD Open: 1.2306-1.2307 Overnight Range: 1.2282-1.2355
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.40 and gold is at $1,354. US futures are higher. Today Canada released retail sales data for November.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2402. Support is at 1.2267.
The Canadian dollar is stronger once again early in today’s session. Retail sales data for November missed expectations by a wide margin (+0.2% actual vs. +0.8% expected), however this has done little to slow recent CAD momentum. Oil prices have remained steady around current levels. Tomorrow’s CPI data is the next important data point for CAD.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | January 25, 2018 | Daily Update | 0 comments