Canadian Dollar Morning Update September 12, 2017
USD/CAD Open: 1.2154-1.2155 Overnight Range: 1.2081-1.2159
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.98 and gold is at $1,330. 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 1.2173. Support is at 1.2086.
The Canadian dollar continues to consolidate last week’s Bank of Canada driven gains. The Bank of Canada has taken steps to address the “lack of telegraphing” of last week’s rate increase, as many experts thought a rate hike was unlikely (although implied probability was approximately 50%). Governor Poloz has shown a willingness to act swiftly over his tenure, so it’s unlikely for us to see well telegraphed, slow rate increases in the future. Monetary policy expectations will continue to be the dominant driver for CAD moving towards the end of the calendar year.
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 12, 2017 | Daily Update |
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