Canadian Dollar Update November 1, 2017
USD/CAD Open: 1.2907-1.2908 Overnight Range: 1.2871-1.2910
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.94 and gold is at $1,275. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2926. Support is at 1.2834.
The Canadian dollar has consolidated yesterday’s GDP driven losses early in today’s session. Expectations for future monetary policy tightening continue to wane, as domestic data reports have been disappointing. WTI is approaching multi-year highs, however recent increases have not been enough to offset recent CAD losses. CAD is becoming increasingly correlated with crude, after the remarkable disconnect seen in preceding weeks. There are no domestic releases scheduled for today, with today’s FOMC meeting being the primary consideration for FX markets.
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 | November 1, 2017 | Daily Update |
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