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Canadian Dollar FX Update November 23, 2017

USD/CAD Open: 1.2721-1.2722      Overnight Range:     1.2672-1.2737

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $58.16 and gold is at $1,295.  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 1.2752.  Support is at 1.2637.

The Canadian dollar has given back some of yesterday’s Fed driven gains. CAD rallied yesterday afternoon following the release of the FOMC minutes, which raised concerns about low inflation. Canadian retail sales for September missed expectations by a wide margin, increasing 0.1% MOM against expectations of a 1% gain. Evidence is mounting that consumers have been more cautious in the second half of the year. There are no additional domestic releases scheduled for the remainder of today’s session.

Today’s Suggested Range USD/CAD: 1.2650 – 1.2750

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 23, 2017 | Daily Update | 0 comments