Canadian Dollar Morning Update October 24, 2017
USD/CAD Open: 1.2644-1.2645 Overnight Range: 1.2621-1.2669
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.40 and gold is at $1,278. 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 1.2701. Support is at 1.2537.
The Canadian dollar remains soft, in large part due to moderating expectations from the Bank of Canada. The primary risk to CAD this week is tomorrow’s Bank of Canada meeting, where a rate hold is widely expected. Statement tone will be important in ascertaining the path of monetary policy tightening in Canada. There are no domestic releases scheduled for today’s session, as the Canadian dollar will look towards tomorrow’s meeting for direction.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 24, 2017 | Daily Update |
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