Canadian Dollar Update September 8, 2017
USD/CAD Open: 1.2112-1.2113 Overnight Range: 1.2061-1.2151
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.99 and gold is at $1,353. US futures are lower. Today Canada released employment data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2211. Support is at 1.2032.
The Canadian dollar is quiet, consolidating this week’s gains. Employment data beat headline expectations, but job gains came in part-time work at the expense of full-time work. The USD is broadly under pressure for a number of reasons, some of which include deteriorating interest rate expectations, lower bond yields, and the effect of recent natural disasters on the US economy. We expect monetary policy to continue to be a prominent narrative moving towards the end of the year.
Today’s Suggested Range USD/CAD: 1.2050 – 1.2150
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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