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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | November 23, 2017 | Daily Update | 0 comments