Canadian Dollar Foreign Exchange Update October 4, 2017
USD/CAD Open: 1.2479-1.2480 Overnight Range: 1.2448-1.2497
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.41 and gold is at $1,278. 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 1.2511. Support is at 1.2424.
The Canadian dollar is stronger early in today’s session. Yesterday’s speech from BoC Deputy Governor Leduc was optimistic, stressing expectation of an increase in firm creation and productivity. Domestic risk is centered around Thursday’s trade data, as well as Friday’s dual employment report. Expectations of the timeline for further tightening in monetary policy remain unchanged. There are no domestic data releases scheduled for today, leaving CAD to trade based on its risk profile.
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 | October 4, 2017 | Daily Update |
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