Canadian Dollar Daily Update November 30, 2016
USD/CAD Open: 1.3368-1.3369 Overnight Range: 1.3356-1.3452
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.70 and gold is at $1,187. US futures are higher. Today Canada released third quarter GDP figures.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3450. Support is at 1.3326.
The Canadian dollar is higher this morning, following positive releases. Canadian third quarter GDP slightly exceeded expectations (+3.5% actual vs. +3.4% expected), a positive sign after a second quarter contraction. Second quarter GDP was additionally revised up. Oil prices are much higher this morning, amidst rumours of a supply management agreement potentially coming into effect. However, this surge is largely fueled by speculation, and OPEC’s press conference this morning should provide additional clarity. Today’s positive events make a rate cut at the next Bank of Canada meeting less likely.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 30, 2016 | Daily Update |
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