Canadian Dollar Foreign Exchange Update November 28, 2017
USD/CAD Open: 1.2793-1.2794 Overnight Range: 1.2754-1.2807
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.84 and gold is at $1,299. 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 1.2839. Support is at 1.2712.
The Canadian dollar is soft early in today’s session, consolidating yesterday’s losses against the USD. Yesterday’s bullish comments from President Trump regarding the status of US tax cuts sent the US dollar broadly higher, leaving CAD as a mid-performer amongst the G10. The outlook for monetary policy appears to be poised to continue to limit CAD upside in the short-term, and oil prices appear vulnerable. A Senate confirmation hearing for Fed Chair Elect Powell will take place today, as he is set to replace current Fed Chair Yellen when her term ends in February. There are no major domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
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 | November 28, 2017 | Daily Update |
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