Canadian Dollar Update August 10, 2017
USD/CAD Open: 1.2679-1.2680 Overnight Range: 1.2672-1.2735
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.11 and gold is at $1,290. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2751. Support is at 1.2679.
The Canadian dollar is little changed from yesterday’s levels. Geopolitical risks have risen to the forefront, with recent escalations of U.S. tensions with North Korea leading to risk-off trading in FX markets. Gold is resultantly higher, and U.S. stock futures are lower. CAD remains vulnerable to shifts in broader risk appetite. Commodities are better, as WTI is testing $50/barrel. There are no domestic releases scheduled for today, leaving CAD to track the broader market.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 | August 10, 2017 | Daily Update |
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