Canadian Dollar Update January 4, 2018
USD/CAD Open: 1.2530-1.2531 Overnight Range: 1.2511-1.2556
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.76 and gold is at $1,316. 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 1.2553. Support is at 1.2498.
The Canadian dollar continues to trade in a narrow range early in 2018. Domestic rate expectations are moderating slightly, falling more in line with the cautious optimism of the Bank of Canada. Renewed confidence in the Fed’s ability to raise rates had led to a widening in yield spreads in a CAD-negative manner; oil is providing an offset as it continues to move higher. There are no releases scheduled ahead of tomorrow’s trade/employment data.
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 4, 2018 | Daily Update |
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