Canadian Dollar Update October 2, 2017
USD/CAD Open: 1.2494-1.2495 Overnight Range: 1.2458-1.2525
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.53 and gold is at $1,278. 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 1.2554. Support is at 1.2439.
The Canadian dollar is soft, trading at the lower end of recent levels. WTI remains well supported above $50/barrel. Central bank policy continues to be the primary driver for CAD. OIS are currently pricing in one 25bp domestic rate hike by January of 2018. GDP growth was stagnant in July, after outstanding growth in the first half of the year. There are no domestic releases scheduled for today’s session, leaving CAD to trade based on its risk profile.
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 2, 2017 | Daily Update |
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