Canadian Dollar Update November 17, 2017
USD/CAD Open: 1.2801-1.2802 Overnight Range: 1.2713-1.2816
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.89 and gold is at $1,285. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2852. Support is at 1.2730.
CAD is lower this morning, following today’s release of CPI data for October. CPI for October was roughly in line with expectations, progressing 1.4% YOY in October, but still remains below the Bank of Canada’s mandate. The outlook for future monetary policy is relatively unchanged. Oil is softer. There are no additional domestic releases of consequence, leaving CAD to track the broader market.
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 17, 2017 | Daily Update |
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