Canadian Dollar FX Update November 14, 2017
USD/CAD Open: 1.2709-1.2710 Overnight Range: 1.2700-1.2757
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.90 and gold is at $1,275. 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 1.2763. Support is at 1.2673.
The Canadian dollar is flat in light trading. Oil prices and yield spreads are rangebound. Friday’s CPI data for October provides the largest event risk to CAD, as inflation continues to be below desired levels. Tomorrow, BoC Senior Deputy Governor Wilkins will make a speech entitled “Monetary policy under uncertainty”, where it is expected that he reiterates the tone of the October BoC meeting. We expect CAD to track broader market sentiment in the absence of domestic data.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 | November 14, 2017 | Daily Update |
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