Canadian Dollar FX Update August 28, 2017
USD/CAD Open: 1.2448-1.2449 Overnight Range: 1.2443-1.2486
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.62 and gold is at $1,304. 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 1.2519. Support is at 1.2441.
The Canadian dollar is strengthening early in today’s session. Last week’s Jackson Hole speech by Fed Chair Yellen has deteriorated expectations of another rate hike in the U.S., as she failed to address the near-term policy outlook. Risk-on trading is evident. CAD is approaching recent 2017 highs, with domestic rate expectations remaining firm. There are no domestic data releases scheduled for the earlier part of the week, leaving CAD to trade based on its risk profile ahead of Wednesday’s current account data.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 28, 2017 | Daily Update |
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