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Canadian Dollar Daily Update November 24, 2015

USD/CAD Open: 1.3353-1.3354      Overnight Range:      1.3324-1.3378

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $42.46 and gold is at $1,077.  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 1.3417.  Support is at 1.3306.

The Canadian dollar is quiet this morning. Markets are cautious on news in Syria, hurting commodity currencies like CAD, despite firmer oil prices. The Canadian dollar will likely track oil prices as there are no major domestic data releases scheduled for today. US Q3 GDP was revised up to 2.1% this morning, meeting expectations. It is shaping up to be a quiet week for the Canadian dollar, with oil prices and relative policy continuing to be the main drivers throughout the remainder of 2015.

Today’s Suggested Range USD/CAD: 1.3300 – 1.3400

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 24, 2015 | Daily Update | 0 comments

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