Canadian Dollar Daily FX Update November 3, 2015
FX Morning Update November 3, 2015
USD/CAD Open: 1.3142-1.3143 Overnight Range: 1.3079-1.3159
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.58 and gold is at $1,128. 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 1.3138. Support is at 1.3076.
The Canadian dollar is soft this morning, as firming expectations for a Fed rate hike heading into this Friday’s dual employment release. Tomorrow’s trade data will help the BoC to assess the impact of the lower Canadian dollar on the Canadian economy, as the expected flow-through effects on non-energy exports have been sluggish. Friday’s dual employment release will be the highlight of the week, with the U.S. non-farm payrolls proving another key data point for the Fed to assess. The U.S. labour market showed signs of stagnation last month, ending a long string of encouraging data. Overall, the Canadian dollar will remain vulnerable to changes in oil prices as well as relative monetary policy.
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 | November 3, 2015 | Daily Update |
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