Canadian Dollar Update December 11, 2015
USD/CAD Open: 1.3657-1.3658 Overnight Range: 1.3622-1.3680
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.24 and gold is at $1,064. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3722. Support is at 1.3574.
The Canadian dollar continues to fall lower this week. US retail sales data was released this morning, with retail sales rising 0.2% vs. expectations of 0.3%. Inflation continues to be sluggish, as the strong US dollar weighs on exports. As the labour market continues to approach full employment, the Fed’s inflation outlook will be the most important factor in assessing the likelihood of a rate hike. Oil prices remain low, and look to be low for the foreseeable future. FX markets will likely continue to be volatile throughout the rest of 2015.
Today’s Suggested Range USD/CAD: 1.3600 – 1.3700
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.
By Admin | December 11, 2015 | Daily Update |
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