Canadian Dollar Daily Update November 24, 2016
USD/CAD Open: 1.3501-1.3502 Overnight Range: 1.3470-1.3536
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.09 and gold is at $1,189. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3545. Support is at 1.3433.
The Canadian dollar is flat this morning, consolidating around yesterday’s close. Today’s session is likely to be quiet, as US markets are closed for Thanksgiving. Oil prices have ostensibly plateaued around $48/barrel in the near-term, as CAD continues to trade closely with crude. Yield spreads continue to widen, leaving CAD vulnerable should market drivers shift. Trading volumes will be lower today due to the holiday, making additional volatility less likely.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 | November 24, 2016 | Daily Update |
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