Canadian Dollar FX Update August 16, 2017
USD/CAD Open: 1.2717-1.2718 Overnight Range: 1.2710-1.2771
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.58 and gold is at $1,275. 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 1.2770. Support is at 1.2711.
The Canadian dollar is modestly higher this morning, outperforming the majority of the G10 currencies. Risk appetite has picked up in both FX and equity markets. NAFTA talks begin today, leaving CAD vulnerable to headline risk as the process unfolds. FOMC minutes from July’s meeting are also on today’s schedule. Market participants continue to assess the likelihood of another rate hike being implemented by the Fed this year. There are no top tier domestic releases scheduled ahead of Friday’s CPI.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 | August 16, 2017 | Daily Update |
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