Canadian Dollar Foreign Exchange Update November 7, 2017
USD/CAD Open: 1.2762-1.2763 Overnight Range: 1.2705-1.2769
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.27 and gold is at $1,278. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2775. Support is at 1.2733.
The Canadian dollar is soft, conceding gains made during yesterday’s session. The USD is broadly stronger early in today’s session, gaining approximately 0.4% against its G10 peers. Domestic risk is centered around Governor Poloz’s speech entitled “Central banks’ ability to understand inflation”. Oil continues to set new multi-year highs, but CAD remains largely disconnected, with monetary policy being the dominant driver. There are no domestic economic data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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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