Canadian Dollar FX Update December 12, 2016
USD/CAD Open: 1.3127-1.3128 Overnight Range: 1.3111-1.3169
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.65 and gold is at $1,163. 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 1.3195. Support is at 1.3094.
The Canadian dollar continues to extend recent gains, as higher oil prices are supporting CAD. Oil prices have risen to almost $54/barrel, the highest since mid-2015. Wednesday’s Fed rate decision will be the major event of the week, with markets expecting a rate hike of 25bps.
Market participants await commentary pertaining to future monetary policy under the new Presidential regime, as fiscal policy is expected to be looser and more growth supportive. There are no major domestic data releases scheduled through the early half of the week, with Thursday’s manufacturing sales for October being the next major release.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 12, 2016 | Daily Update |
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