Canadian Dollar Update October 12, 2017
USD/CAD Open: 1.2477-1.2478 Overnight Range: 1.2433-1.2491
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.41 and gold is at $1,295. 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 1.2523. Support is at 1.2425.
The Canadian dollar is quiet, consolidating yesterday’s gains. Yesterday’s Fed minutes pushed the USD lower yesterday. Expectations of a rate hike from the Fed at the December meeting remain firm, approximately 80% at this time. However, concerns over the progression of inflation in 2018 cast doubt on the timeline of future rate hikes, moving the USD lower. There are no domestic releases of importance scheduled for the remainder of the week, leaving CAD to track broader market sentiment.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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 12, 2017 | Daily Update |
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