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Canadian Dollar Foreign Exchange Update August 23, 2017

USD/CAD Open: 1.2593-1.2594      Overnight Range:     1.2560-1.2598

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $47.74 and gold is at $1,295.  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 1.2611.  Support is at 1.2539.

The Canadian dollar is flat this morning, rebounding from an overnight dip. Yesterday, President Trump once again expressed a willingness to terminate the current NAFTA arrangement, sending both CAD and MXN lower. Throughout the duration of the negotiation process, CAD will be exposed to headline risk of this nature. Crude remains steady, and yield spreads between Canada and the U.S. remain narrow. There are no domestic releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.2550 – 1.2650

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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 Admin | August 23, 2017 | Daily Update | 0 comments