Canadian Dollar Morning Update October 3, 2017
USD/CAD Open: 1.2523-1.2524 Overnight Range: 1.2489-1.2539
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.31 and gold is at $1,273. 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 1.2539. Support is at 1.2468.
CAD is quiet, consolidating below yesterday’s close as CAD approaches one-month lows. Domestic risk is centered around the speech scheduled for BoC Deputy Governor Leduc, which is on the topic of “firm creation and productivity”. Markets are almost fully pricing in one 25bp rate hike in Canada by January, and another by May. There are no data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 3, 2017 | Daily Update | 0 comments