Canadian Dollar Foreign Exchange Update August 29, 2017
USD/CAD Open: 1.2501-1.2502 Overnight Range: 1.2440-1.2536
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.42 and gold is at $1,329. 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 1.2523. Support is at 1.2431.
The Canadian dollar is quiet early in today’s session. Risk aversion is dominant this morning, following North Korea’s missile launch over Japan. Gold is better, and copper is approaching multi-year highs. Moderation in interest rate expectations are pushing the USD lower, as market participants continue to assess the likelihood of another rate increase in 2017. There are no domestic releases scheduled for today, and we expect broader market sentiment to remain dominant.
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 | August 29, 2017 | Daily Update |
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