Canadian Dollar FX Update October 25, 2017- Markets Await Bank of Canada Decision
USD/CAD Open: 1.2678-1.2679 Overnight Range: 1.2668-1.2723
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.18 and gold is at $1,274. 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 1.2732. Support is at 1.2568.
CAD is trading defensively early in today’s session, leading up to the Bank of Canada rate decision expected later this morning. A rate hold is widely expected, with a “dovish hold” appearing to be the market expectation. Canadian economic data has been tepid of late, but the first half of the year was extremely good, leaving the economy ahead of expectations from the beginning of the year. The Bank of Canada decision will be the primary driver of CAD’s direction during today’s session.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 | October 25, 2017 | Daily Update | 0 comments