Canadian Dollar FX Update October 30, 2017
USD/CAD Open: 1.2847-1.2848 Overnight Range: 1.2801-1.2848
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.07 and gold is at $1,271. 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 1.2894. Support is at 1.2785.
The Canadian dollar is underperforming the majority of the G10 currencies, amidst an environment of broad-based USD strength catalyzed last week. Oil prices are notably higher, but are lending little support to CAD. This week is poised to be a busy week for FX markets, with the FOMC decision scheduled this week, several data releases, as well as speculation as to who will succeed Fed Chair Yellen. Domestically, tomorrow we will have GDP figures for August released, followed later in the week with employment and trade data. There are no domestic releases scheduled for today, and we expect CAD to follow the broader market.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 30, 2017 | Daily Update |
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