Canadian Dollar Update October 20, 2017
USD/CAD Open: 1.2578-1.2579 Overnight Range: 1.2475-1.2582
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.03 and gold is at $1,284. US futures are higher. Today Canada released CPI data for September, as well as retail sales data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2632. Support is at 1.2448.
The Canadian dollar is lower this morning, following today’s disappointing data releases. Retail sales fell 0.7%, against expectations of an increase of 0.3% on a month-over-month basis. CPI was also weaker than expected, increasing 0.2% against expectations of a 0.3% increase. The net effect was to push CAD lower, as expectations of a future rate hike continue to moderate in the wake of lukewarm inflation data of late. Next week’s Bank of Canada meeting will be a major focal point for CAD. There are no further releases expected today.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 20, 2017 | Daily Update | 0 comments