Canadian Dollar Update January 26, 2018
USD/CAD Open: 1.2342-1.2343 Overnight Range: 1.2299-1.2392
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $65.60 and gold is at $1,355. 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 1.2376. Support is at 1.2267.
The Canadian dollar has benefitted from higher oil prices, a mid-performer amongst G10 currencies. CPI data for today was roughly in line with expectations, slowing to +1.9% year-over-year, slightly below the 2-3% Bank of Canada mandate. CAD has continued to gain sentiment-driven momentum in the absence of a material shift in fundamentals, leaving CAD vulnerable to a change in risk appetite.
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 26, 2018 | Daily Update |
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