Canadian Dollar Update January 31, 2018
USD/CAD Open: 1.2283-1.2284 Overnight Range: 1.2249-1.2348
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.38 and gold is at $1,347. US futures are higher. Today Canada released GDP figures for November.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2354. Support is at 1.2247.
The Canadian dollar is strong, approaching 4-month highs against the US dollar. Canadian GDP for November was in line with expectations, +0.4% month-over-month. The outlook for the Canadian economy remains constructive, with 17bps of tightening priced in for April (approximately a 68% chance of a 25bp hike), as well as 60 bps of tightening priced in by the end of the calendar year. The expectations is that we will see three or four rate hikes from the Bank of Canada in 2018.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
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 31, 2018 | Daily Update |
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