Canadian Dollar Update September 7, 2017- Bank of Canada Raises Rates
USD/CAD Open: 1.2153-1.2154 Overnight Range: 1.2137-1.2241
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.91 and gold is at $1,346. 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 1.2346. Support is at 1.2077.
The Canadian dollar moved sharply following yesterday’s 25bp rate hike from the Bank of Canada. Yesterday’s rate hike was largely unexpected, driving the Loonie to levels last seen in June of 2015. Domestic expectations are firming, with an additional rate hike in January now open to possibility. CAD is well supported by both its key drivers, as yield spreads have moved negative and oil remains well supported. Monetary policy will continue to be a dominant theme over the coming months.
Today’s Suggested Range USD/CAD: 1.2100 – 1.2200
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 7, 2017 | Daily Update |
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