Black Friday 2017 Canadian Dollar Update
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.89 and gold is at $1,285. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2852. Support is at 1.2730.
CAD is lower this morning, following today’s release of CPI data for October. CPI for October was roughly in line with expectations, progressing 1.4% YOY in October, but still remains below the Bank of Canada’s mandate. The outlook for future monetary policy is relatively unchanged. Oil is softer. There are no additional domestic releases of consequence, leaving CAD to track the broader market.