Canadian Dollar Daily Update October 4, 2016
USD/CAD Open: 1.3155-1.3156 Overnight Range: 1.3109-1.3175
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.64 and gold is at $1,296. 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 1.3201. Support is at 1.3094.
CAD is soft, lower early in today’s session amidst an environment of broad-based USD strength. As the major factors precluding a rate hike begin to dissipate, the USD appears poised to continue to build momentum. The domestic economy is performing well in the US, and global turmoil from the UK and China earlier in the year appears to be improved. Yield spreads are moving in a CAD-negative manner, with oil prices remaining strong, leaving CAD’s main drivers mixed. We look to tomorrow’s trade data to set the tone for the rest of the week domestically, leading up to the long weekend.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 4, 2016 | Daily Update | 0 comments