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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

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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 25, 2018 | Daily Update | 0 comments