Canadian Dollar Foreign Exchange Update September 11, 2017
USD/CAD Open: 1.2146-1.2147 Overnight Range: 1.2097-1.2167
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.56 and gold is at $1,337. 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 1.2168. Support is at 1.2081.
The Canadian dollar is flat early in today’s session. Last Friday’s Canadian employment report was mixed; gains in wages and hours worked were firmly positive, but large job gains in part-time work came at the expense of full-time employment. For a multitude of reasons expectations of a rate hike by the Fed in December have moderated heavily (currently a 25% implied probability of a rate increase). The aftermath of Hurricane Irma will be a focal point early in the week. There are no domestic releases of consequence scheduled early in the week, leaving CAD to range trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.2100 – 1.2200
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 | September 11, 2017 | Daily Update | 0 comments