Canadian Dollar FX Update August 25, 2017
USD/CAD Open: 1.2518-1.2519 Overnight Range: 1.2502-1.2536
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.66 and gold is at $1,291. 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 1.2541. Support is at 1.2486.
Risk-on trading in FX markets has been a benefactor to CAD, as CAD is approaching multi-week highs. Speeches today from Fed Chair Yellen and ECB Chair Draghi will set the tone for today’s session. Commodities are mixed, as oil continues to consolidate slightly below $50/barrel. There are no domestic releases scheduled for today’s session, leaving CAD to trade based on its risk profile for the duration of today’s session.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 | August 25, 2017 | Daily Update |
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