Canadian Dollar Update August 31, 2017- 2nd Quarter GDP Beats Expectations
USD/CAD Open: 1.2563-1.2564 Overnight Range: 1.2554-1.2663
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.37 and gold is at $1,315. US futures are higher. Today, Canada released 2nd quarter GDP figures.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2710. Support is at 1.2548.
CAD is strengthening this morning, outperforming all of the G10 currencies. CAD is retracing yesterday’s geopolitical driven losses early in today’s session. 2nd quarter GDP greatly exceeded expectations (+4.5% annualized vs. expectations of +3.7%), a very strong sign for the Canadian economy. BoC expectations will continue to be a primary consideration for CAD, as markets are confident of a rate hike in October of 2017, with a small expectation of a rate hike at next week’s meeting. There are no further releases of consequence for today’s session.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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.
Click Here to Subscribe
By Admin | August 31, 2017 | Daily Update |
0 comments