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Canadian Dollar Update January 7, 2018

USD/CAD Open: 1.3352-1.3353      Overnight Range:     1.3339-1.3393

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $49.17 and gold is at $1,293.  US markets are mixed. There are no releases scheduled for today’s session.

The short-term USD/CAD technicals are neutral-bearish.  For today, USD resistance is at 1.3378.  Support is at 1.3316.

The Canadian dollar begins the week extending last week’s considerable gains. Employment data for December was in line with expectations domestically. U.S. jobs were materially better than expected. At a conference on Friday, Fed Chair Powell noted that despite robust economic growth, the committee with continue to assess how financial markets react to decisions, as well as international developments. Risk appetite increased on the news, as stocks closed higher, and growth sensitive currencies like CAD made gains. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.3300 – 1.3400


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 KBFX | January 7, 2019 | Daily Update | 0 comments

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