Canadian Dollar Foreign Exchange Update December 13, 2017
USD/CAD Open: 1.2844-1.2845 Overnight Range: 1.2821-1.2881
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.39 and gold is at $1,246. 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 1.2898. Support is at 1.2819.
The Canadian dollar is steady once again, continuing to consolidate following last Wednesday’s Bank of Canada decision. There are soft undertones to the USD following the outcome of the Alabama Senate election, as the Republican majority in the Senate has dwindled to one seat. Today’s NA session will be dominated by the Fed statement this afternoon, where a 25bp rate hike is widely expected. The statement is likely to be reserved, given the impending change in FOMC leadership early in 2018. Domestic risk is limited ahead of tomorrow’s speech from BoC Governor Poloz.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 | December 13, 2017 | Daily Update |
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