Canadian Dollar Update November 9, 2017
USD/CAD Open: 1.2718-1.2719 Overnight Range: 1.2687-1.2741
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.87 and gold is at $1,286. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2757. Support is at 1.2665.
CAD is modestly higher once again, amidst an environment of broad-based USD weakness. Oil continues to perform well, trading at the upper end of recent levels. Domestic rate expectations are little changed in the absence of domestic data. Markets are awaiting the unveiling of the new US tax plan, which could have broader implications for the US dollar. There are no releases of consequence in Canada or the US for today’s session.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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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 9, 2017 | Daily Update |
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