Canadian Dollar Update November 6, 2017
USD/CAD Open: 1.2779-1.2780 Overnight Range: 1.2741-1.2781
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.74 and gold is at $1,272. 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 1.2824. Support is at 1.2703.
The Canadian dollar is quiet to begin the week, trading at levels similar to Friday’s close. Oil prices have strengthened significantly of late, as WTI tests multi-year highs. CAD has had a remarkably low correlation to oil prices in recent trading. Domestic rate expectations are firmer following Friday’s strong employment report. Tomorrow, BoC Governor Poloz will speak on the topic of “central bank’s ability to understand inflation”, which could provide some headline risk for CAD. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 6, 2017 | Daily Update | 0 comments