Canadian Dollar Update August 21, 2017
USD/CAD Open: 1.2580-1.2581 Overnight Range: 1.2553-1.2607
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.35 and gold is at $1,293. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2666. Support is at 1.2532.
CAD is trading quietly early in the week, consolidating at the higher end of the most recent two-week range. CAD’s primary drivers are moving in a CAD supportive manner, as crude is better and yield spreads are narrowing. Domestic rate expectations remain firm, as 20bps of tightening are implied currently for the October Bank of Canada meeting. Conversely, tightening expectations in the U.S. are eroding, with an implied 30% probability of an additional hike being delivered this year. North American releases are limited to second tier data, leaving CAD to trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 21, 2017 | Daily Update |
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