Canadian Dollar FX Update October 19, 2017
USD/CAD Open: 1.2482-1.2483 Overnight Range: 1.2450-1.2487
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.23 and gold is at $1,286. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2519. Support is at 1.2436.
The Canadian dollar has held onto gains made during yesterday’s session. There are no releases scheduled ahead of tomorrow’s retail sales and CPI data, which will be important data points for the Bank of Canada. Domestic rate expectations continue to soften. Oil prices have been firmer of late. We expect CAD to track broader market sentiment in the absence of domestic data.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 | October 19, 2017 | Daily Update |
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