Canadian Dollar FX Update December 22, 2015
USD/CAD Open: 1.3933-1.3934 Overnight Range: 1.3915-1.3967
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.02 and gold is at $1,076. US futures are flat premarket. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3978. Support is at 1.3897.
The Canadian dollar is firmer this morning, as markets are quiet moving towards the holidays. Tomorrow’s retail sales and GDP should provide some direction moving towards January’s BoC meeting. Weak data from Canada could see USD/CAD find support above 1.40. The Bank of Canada is waiting for the lower Canadian dollar to positively impact non-energy exports. Oil prices, along with relative monetary policy will continue to be the main drivers of the Canadian dollar.
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 22, 2015 | Daily Update |
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