Canadian Dollar Update November 10, 2017
USD/CAD Open: 1.2692-1.2693 Overnight Range: 1.2666-1.2696
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.19 and gold is at $1,284. 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 1.2721. Support is at 1.2646.
The Canadian dollar is outperforming the majority of the G10 currencies to approach November highs early in today’s session. FX markets have traded quietly thus far. There is limited to domestic risk in the short term, in the absence of meaningful data releases. Domestic rate expectations are steady, and oil prices are well-supported. The US tax issue will provide some headline risk to the USD in the coming weeks. Quiet trading is likely to persist for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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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 10, 2017 | Daily Update |
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