Canadian Dollar FX Update October 27, 2017
USD/CAD Open: 1.2899-1.2900 Overnight Range: 1.2843-1.2908
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.48 and gold is at $1,266. 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 1.2938. Support is at 1.2860.
The Canadian dollar has moved lower over the past few sessions. Wednesday’s dovish Bank of Canada statement has moderated expectations of a rate hike in Canada this month heavily, approximately 20% at the current time. The USD is broadly very strong, with yesterday’s ECB decision contributing to greater USD strength. Oil prices have been steady over the past week. We expect CAD to trade based on its risk profile for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 | October 27, 2017 | Daily Update |
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