Canadian Dollar Update January 3, 2018
USD/CAD Open: 1.2526-1.2527 Overnight Range: 1.2499-1.2532
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.90 and gold is at $1,318. 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 1.2554. Support is at 1.2495.
The Canadian dollar is flat, consolidating at the higher end of recent multi-month highs. CAD’s primary drivers remain constructive; oil prices are well supported, and yield spreads are stable. The domestic calendar is sparse leading up to Friday’s employment and trade data. This afternoon’s Fed minutes release will be the event most likely to move NA markets.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 3, 2018 | Daily Update |
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