Canadian Dollar Update November 22, 2017
USD/CAD Open: 1.2748-1.2749 Overnight Range: 1.2738-1.2789
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.75 and gold is at $1,291. 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 1.2810. Support is at 1.2713.
CAD is outperforming the majority of G10 currencies, strengthening early in today’s session. WTI is higher, lending support to CAD. Near-term domestic risk is centered around tomorrow’s retail sales figures. Trading volumes are likely to slow down as we approach the U.S. holiday. The FOMC minutes from November’s meeting will be released today We expect CAD to continue 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 22, 2017 | Daily Update |
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