Canadian Dollar Update October 17, 2017
USD/CAD Open: 1.2534-1.2535 Overnight Range: 1.2510-1.2553
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.42 and gold is at $1,306. 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 1.2577. Support is at 1.2489.
The Canadian dollar is modestly lower once again, trading on the lower end of October ranges. The USD got a small bump yesterday following President Trumps meeting with John Taylor, a candidate to succeed Janet Yellen as the next Fed Chair. Reports indicate the President had a favourable view of Taylor (of the Taylor Rule), which estimates the Fed funds rate should be significantly higher than current levels. Powell remains the favourite for the position, based on popular opinion. Headline risk today is limited to NAFTA discussions. There are no domestic events of consequence scheduled today, leaving CAD to track the broader market.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 17, 2017 | Daily Update |
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