Canadian Dollar Foreign Exchange Update September 20, 2016
USD/CAD Open: 1.3232-1.3233 Overnight Range: 1.3189-1.3241
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.84 and gold is at $1,318. 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 1.3307. Support is at 1.3134.
CAD is lower this morning, underperforming the rest of the G10 currencies. Domestic risk today is limited to Bank of Canada Governor Poloz’s speech entitled “Living with lower for longer”. Poloz is likely to echo the dovish sentiment the BoC has expressed of late, acknowledging that the Canadian economy has not rebounded as quickly as anticipated. Oil prices are also lower, weighing on CAD. Tomorrow’s Fed meeting, in tandem with Poloz’s speech today, should further clarify the monetary policy outlook for both Canada and the US.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 | September 20, 2016 | Daily Update |
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