Canadian Dollar Morning Update October 10, 2017
USD/CAD Open: 1.2496-1.2497 Overnight Range: 1.2493-1.2559
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.35 and gold is at $1,291. 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 1.2551. Support is at 1.2486.
The Canadian dollar is better to start the week, trading above last Friday’s one-month low. Domestic rate expectations continue to firm, fueled by strong wage growth in September’s employment report. WTI has once again found a foothold over $50/barrel. BoC Governor Wilkins is scheduled to participate in an IMF panel this afternoon, which will serve as the primary risk to CAD for today’s session. There are no domestic releases of consequence scheduled today.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 10, 2017 | Daily Update |
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