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Canadian Dollar Daily Update October 12, 2016

USD/CAD Open: 1.3275-1.3276      Overnight Range:      1.3208-1.3283

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $50.75 and gold is at $1,254.  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 1.3281.  Support is at 1.3172.

The Canadian dollar is lower once again, trading in tandem with yield spreads and largely ignoring the rally in oil. Domestic risk is limited this week leading up to next week’s Bank of Canada rate decision for October. US releases and market sentiment will be the main drivers for CAD in the absence of domestic data releases. Contrasting monetary policy between Canada and the US is likely to limit the upside to a rally in CAD.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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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.

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By Admin | October 12, 2016 | Daily Update | 0 comments