Canadian Dollar FX Update September 28, 2017
USD/CAD Open: 1.2472-1.2473 Overnight Range: 1.2458-1.2519
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.60 and gold is at $1,287. 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 1.2549. Support is at 1.2366.
The Canadian dollar is quiet, consolidating at the lower end of recent ranges. Yesterday BoC Governor Poloz echoed the cautious tone set by Deputy Governor Lane last week, stressing a reliance on data dependence while highlighting potential uncertainties obscuring the economic outlook. Markets had expected an aggressive tightening approach, which has moderated of late. WTI is better positioned early in today’s session. Monetary policy expectations will continue to be CAD’s primary driver, especially expectations pertaining to the December central bank meetings.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 | September 28, 2017 | Daily Update |
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