Canadian Dollar Update September 22, 2017- August GDP Narrowly Misses Expectations
USD/CAD Open: 1.2310-1.2311 Overnight Range: 1.2253-1.2334
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.69 and gold is at $1,297. US futures are lower. Today Canada released CPI data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2355. Support is at 1.2229.
The Canadian dollar continues to consolidate in the wake of Wednesday’s FOMC meeting. The USD is broadly softer, which could be a result of renewed tensions with North Korea. Today’s CPI release was largely in line with expectations (+1.4% YoY vs. +1.5% YoY expected). The focus for CAD for the remainder of the year will be the Central Bank meetings for December; the December meetings remain “live” for both the Fed and the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
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 | September 22, 2017 | Daily Update |
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