Canadian Dollar Foreign Exchange Update December 21, 2016
USD/CAD Open: 1.3363-1.3364 Overnight Range: 1.3339-1.3405
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.49 and gold is at $1,137. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3419. Support is at 1.3343.
The Canadian dollar is trading quietly as we approach the holiday season. CAD’s key drivers have moved in CAD’s favour over yesterday’s session (higher oil prices, narrower yield spreads), however the Canadian dollar has not responded to these changes as markets anticipate domestic data releases later in the week. There are no domestic releases scheduled for today’s session, and CAD is expected to track the broader market, trading based on its risk profile.
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 | December 21, 2016 | Daily Update |
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