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
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | September 19, 2017 | Daily Update | 0 comments