Canadian Dollar Foreign Exchange Update August 24, 2017
USD/CAD Open: 1.2539-1.2540 Overnight Range: 1.2519-1.2561
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.31 and gold is at $1,293. 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 1.2576. Support is at 1.2509.
The Canadian dollar is flat, consolidating slightly below Tuesday’s multi-week high. Domestic rate expectations remain firm, with 21bps of tightening priced in for October’s BoC meeting (implied 84% chance of a 25bp hike). The start of the Jackson Hole symposium could provide headline risk to the USD in the short-term. There are no releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 24, 2017 | Daily Update |
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