Canadian Dollar Update December 21, 2015
USD/CAD Open: 1.3941-1.3942 Overnight Range: 1.3912-1.3969
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $34.45 and gold is at $1,073. US futures are higher premarket. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4025. Support is at 1.3879.
The Canadian dollar is flat early this week. The focus for the Canadian dollar heading into the holiday period will be WTI and yield spreads. WTI is consolidating around a 7 year low, with further potential for downward pressure on oil/commodities. Yield spreads continue to reflect the balance of risks facing both the Fed and the Bank of Canada, with divergent monetary policy continuing to be the story for the foreseeable future. This week we’ll see retail sales and GDP figures on Wednesday, which will be the highlights of the domestic release calendar. Markets are likely to quiet down towards the latter half of the week on account of the holidays.
Today’s Suggested Range USD/CAD: 1.3900 – 1.4000
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 21, 2015 | Daily Update |
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