Canadian Dollar Daily FX Update October 6, 2016
USD/CAD Open: 1.3204-1.3205 Overnight Range: 1.3167-1.3210
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.19 and gold is at $1,261. 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 1.3236. Support is at 1.3165.
The Canadian dollar is soft this morning amidst an environment of broad-based US dollar strength. Oil prices continue to climb, as both OPEC and non-OPEC producing nations devise a strategy for supply management. WTI has exceeded $50/barrel. The Bank of Canada’s Deputy Governor Wilkins speaks today on policy, which has the potential to impact markets. Domestic data is limited leading up to Friday’s employment data for September.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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.
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By Admin | October 6, 2016 | Daily Update |
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