Canadian Dollar Update September 1, 2017
USD/CAD Open: 1.2384-1.2385 Overnight Range: 1.2339-1.2492
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.11 and gold is at $1,328. 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 1.2608. Support is at 1.2396.
The Canadian dollar is higher this morning, setting fresh highs for 2017. Yesterday’s strong GDP showing (+4.5% annualized over the second quarter) further evidenced the strength of the Canadian economy beyond the Bank of Canada’s expectations. Expectations have begun to shift, as a rate hike at September’s Bank of Canada now looks more likely than ever, against the current backdrop. Statement tone will be of great importance, as market participants look to assess the path of monetary policy following the removal of the 25bp rate from 2015. There are no domestic releases for today’s session.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
Also, congratulations to Paul from Worldwidehose.co for winning the raffle!
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.
Click Here to Subscribe
By Admin | September 1, 2017 | Daily Update |
0 comments