Canadian Dollar Update October 23, 2017
USD/CAD Open: 1.2640-1.2641 Overnight Range: 1.2613-1.2648
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.06 and gold is at $1,274. 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 1.2686. Support is at 1.2522.
The Canadian dollar has consolidated last week’s losses to trade at the low end of October ranges. Friday’s soft retail sales figured weighed on CAD, as confidence in the Bank of Canada’s willingness to push rates higher in the short-term is waning. The BoC has stressed a data dependent path to normalization, and of late Canadian economic data has been disappointing, particularly retails sales as well as exports. This Wednesday’s Bank of Canada meeting will serve as the primary risk to CAD this week. There are no domestic data releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 23, 2017 | Daily Update |
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