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Canadian Dollar Update November 15, 2017

USD/CAD Open: 1.2780-1.2781      Overnight Range:     1.2713-1.2785

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $55.20 and gold is at $1,286.  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 1.2787.  Support is at 1.2715.

The Canadian dollar is lower, following the release of CPI data for October in the United States. October CPI was in line with expectations, with core inflation showing well, all but greenlighting a rate hike at the December meeting. The latest installment in NAFTA discussions takes place today in Mexico City, leaving headline risk inflated. BoC Senior Deputy Governor Wilkins is scheduled to speak as well. There are no major domestic releases scheduled ahead of Friday’s CPI.

Today’s Suggested Range USD/CAD: 1.2750 – 1.2850

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 15, 2017 | Daily Update | 0 comments

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