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Canadian Dollar Update September 19, 2017

USD/CAD Open: 1.2274-1.2275      Overnight Range:     1.2261-1.2309

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $50.31 and gold is at $1,311.  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 1.2291.  Support is at 1.2195.

The Canadian dollar moved sharply lower yesterday, following BoC Deputy Governor Lane’s comments. The Bank of Canada has struggled to communicate its intentions effectively with markets thus far. Deputy Governor Lane’s commented that the Bank of Canada was paying close attention to the impact of rising rates and the stronger Canadian dollar, sending CAD sharply lower as market participants considered the implications for future tightening. Tomorrow’s Fed meeting is the primary risk to CAD in the short-term.

Today’s Suggested Range USD/CAD: 1.2200 – 1.2300

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 | September 19, 2017 | Daily Update | 0 comments