Canadian Dollar FX Update October 24, 2016
USD/CAD Open: 1.3345-1.3346 Overnight Range: 1.3310-1.3359
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.36 and gold is at $1,272. 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 1.3401. Support is at 1.3248.
Friday’s poor domestic data reports pushed CAD sharply lower, creating new cycle lows in the process. Yield spreads continue to widen in a CAD-negative manner, as contrasting monetary policy between Canada and the US is becoming increasingly important to markets. Seasonal trends additionally support USD/CAD appreciation around this time of year. Only second-tier domestic data releases are scheduled for today’s session, making CAD likely to trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | October 24, 2016 | Daily Update | 0 comments