Canadian Dollar Daily Update October 17, 2016
USD/CAD Open: 1.3140-1.3141 Overnight Range: 1.3118-1.3183
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.37 and gold is at $1,255. 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 1.3203. Support is at 1.3086.
The Canadian dollar is quiet this morning, opening at levels similar to those of late last week. The focus for the beginning of the week will be Wednesday’s Bank of Canada rate decision. A rate hold is widely expected, as we can expect the Bank of Canada to re-iterate the neutral tone we have seen of late. As Canadian data releases have been positive of late, markets are not currently pricing in any additional easing in Canada over the next 12 months. Additionally, Canada will release CPI and retail sales data this Friday. Monetary policy will continue to be the main driver for CAD leading up to Wednesday’s BoC decision.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 17, 2016 | Daily Update |
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