Canadian Dollar Update October 11, 2017
USD/CAD Open: 1.2493-1.2494 Overnight Range: 1.2493-1.2531
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.01 and gold is at $1,291. 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 1.2552. Support is at 1.2481.
The Canadian dollar is little changed early in today’s session. Oil prices are once again firmer, finding support above $50/barrel. CAD’s primary risk today will center around PM Trudeau’s meeting with President Trump on the topic of trade. The potential for headline risk surrounding this topic will persist as long as NAFTA discussions remain open. The domestic schedule for the rest of the week is quiet, with the next major event being next Monday’s Bank of Canada Business Outlook Survey.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 | October 11, 2017 | Daily Update |
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