Canadian Dollar Morning Update October 18, 2017
USD/CAD Open: 1.2506-1.2507 Overnight Range: 1.2485-1.2534
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.17 and gold is at $1,281. 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 1.2579. Support is at 1.2476.
The Canadian dollar is quiet, consolidating around the midpoint of its October range, amidst an environment of broad-based USD strength. Monetary policy continues to be a large factor for CAD, as the landscape is dynamic in both Canada and the US. US rate expectations for December have firmed to their highest point, while expectations of a rate hike in Canada are fading. Yield spreads between Canada and the US are moving in a CAD-negative manner. There are no major domestic releases scheduled for today’s session.
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.
Click Here to Subscribe
By Admin | October 18, 2017 | Daily Update |
0 comments