Canadian Dollar Update November 20, 2017
USD/CAD Open: 1.2775-1.2776 Overnight Range: 1.2754-1.2802
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.07 and gold is at $1,289. 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 1.2831. Support is at 1.2721.
The Canadian dollar is soft, trading narrowly of late in the absence of domestic data. Domestic rate expectations have moderated slightly following Friday’s CPI release, as inflation remains below the Bank of Canada’s benchmark. Domestic releases are limited ahead of Thursday’s retail sales data. Oil prices are soft. Monetary policy is poised to continue to be CAD’s primary driver as we move towards the end of the calendar year.
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 20, 2017 | Daily Update |
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