Canadian Dollar Update August 17, 2017
USD/CAD Open: 1.2633-1.2634 Overnight Range: 1.2588-1.2647
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.58 and gold is at $1,291. 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 1.2730. Support is at 1.2549.
CAD is soft, a mid-performer amongst the G10 in an environment of broad-based USD strength. CAD rallied significantly in the latter part of yesterday’s session, following the release of July’s Fed minutes, which were more cautious than expected. Markets are implying a 40% probability of another rate hike in the U.S. in 2017, with soft inflation being the primary deterrent. Copper and crude are lower, with gold modestly better. CAD is expected to range trade as we await tomorrow’s highly anticipated CPI release.
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 | August 17, 2017 | Daily Update |
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