Canadian Dollar Update October 5, 2017
USD/CAD Open: 1.2548-1.2549 Overnight Range: 1.2461-1.2552
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.11 and gold is at $1,279. US futures are higher. Today Canada released trade data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2590. Support is at 1.2448.
The Canadian dollar has extended loses early in today’s session. The Canadian trade deficit widened unexpectedly in August, to $3.41 billion, against expectations of a deficit of $2.60 billion. Exports fell for the third month in a row, while imports remained stagnant. The Bank of Canada has stated that non-energy exports are a key metric for the Canadian economic recovery. The Bank of Canada has also stressed that they will assess recent economic performance before administering any additional tightening in monetary policy. There are no additional domestic data releases of consequence scheduled for today’s session. Tomorrow’s employment data is the final data point of interest leading up to the long weekend.
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 5, 2017 | Daily Update |
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