Canadian Dollar Update November 16, 2017
USD/CAD Open: 1.2748-1.2749 Overnight Range: 1.2741-1.2784
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.13 and gold is at $1,280. 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 1.2793. Support is at 1.2717.
The Canadian dollar has traded very quietly this week, as markets are heavily anticipating tomorrow’s CPI data. Domestic rate expectations are steady, currently pricing in an approximate 44% chance of a 25bp rate hike in January. Ongoing NAFTA negotiations are a mild risk to CAD. Oil prices are softening, but CAD continues to trade in disconnect from oil prices. Expect CAD to trade based on its risk profile in the absence of domestic data.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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 16, 2017 | Daily Update |
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