Canadian Dollar Update November 8, 2017
USD/CAD Open: 1.2728-1.2729 Overnight Range: 1.2722-1.2781
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.07 and gold is at $1,281. 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 1.2803. Support is at 1.2686.
CAD is stronger earlier in today’s session amidst an environment of broad-based USD weakness. CAD is approaching 2-week highs, trading at the upper end of the range following October’s Bank of Canada meeting. Domestic rate expectations were little changed by yesterday’s speech from Governor Poloz. There are no high level domestic releases scheduled until CPI figures on the 17th of November.
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 8, 2017 | Daily Update |
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