Canadian Dollar Morning Update October 31, 2017- August GDP Misses Expectations
USD/CAD Open: 1.2891-1.2892 Overnight Range: 1.2822-1.2915
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.12 and gold is at $1,273. US futures are higher. Today Canada released GDP data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2917. Support is at 1.2845.
The Canadian dollar is lower once again this morning, testing recent lows. GDP data for August failed to meet expectations, with the Canadian economy contracting 0.1% in August against expectations of a 0.1% increase. Recent economic data has been substandard; however, the Canadian economy still looks poised for a strong year based on very promising results from H1 2017. There are no domestic releases scheduled for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 31, 2017 | Daily Update |
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