Canadian Dollar Foreign Exchange Update August 30, 2017
USD/CAD Open: 1.2578-1.2579 Overnight Range: 1.2500-1.2580
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.94 and gold is at $1,313. 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 1.2583. Support is at 1.2475.
The Canadian dollar is weakening early in today’s session, amidst an environment of broad-based USD strength. Canada’s current account deficit widened to $16.3B, which was less than the expectation of a $17.4B gap. The outlook for central bank policy remains dominant, with expectations of a rate hike from the Bank of Canada softening modestly to 19bps for October (approximately a 76% chance of a 25bp rate hike), in contrast to firming Fed rate expectations for the December meeting. The next major domestic release is tomorrow’s quarterly GDP.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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.
Click Here to Subscribe
By Admin | August 30, 2017 | Daily Update |
0 comments