Canadian Dollar Update September 25, 2017
USD/CAD Open: 1.2318-1.2319 Overnight Range: 1.2312-1.2352
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.22 and gold is at $1,295. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2367. Support is at 1.2272.
The Canadian dollar is flat, a relative G10 outperformer amidst an environment of broad-based USD strength. Domestic releases are limited this week, with a speech from Governor Poloz on Wednesday and monthly GDP data for July scheduled on Friday. However, there are several data releases on the U.S. calendar. Of late, CAD has traded closely with oil prices. WTI looks to have found a foothold above $50/barrel. NAFTA talks resumed on Saturday. Potential for increased volatility exists for CAD this week, due to the high level of exogenous event risk.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 25, 2017 | Daily Update | 0 comments