Canadian Dollar Update November 27, 2017
USD/CAD Open: 1.2685-1.2686 Overnight Range: 1.2680-1.2723
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.43 and gold is at $1,303. 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 1.2732. Support is at 1.2665.
The Canadian dollar is better supported early in today’s session, amidst an environment of broad-based USD weakness. CAD has taken a renewed interest in WTI, as CAD-relevant commodities are improving. Significant domestic releases are scheduled for later in the week (GDP & employment figures). There are a number of risks to the USD in the short-term, including low inflation, the debate of the new tax bill in the Senate, as well as managing the transition to new Fed Chair Powell. Eroding expectations of a January rate hike is likely to limit CAD upside in the short-term.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 27, 2017 | Daily Update |
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