Canadian Dollar Foreign Exchange Update November 11, 2016
USD/CAD Open: 1.3507-1.3508 Overnight Range: 1.3455-1.3542
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.84 and gold is at $1,259. 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 1.3580. Support is at 1.3320.
The Canadian dollar is lower once again, as the USD is broadly higher. Rising US yields have facilitated widening interest rate differential in a manner that is not CAD-supportive. Overall, markets continue to assess the implications of a Trump presidency. Monetary policy will continue to be the main focus for CAD moving towards the end of the year, as the focus will shift to December’s Fed meeting later in the month.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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.
Click Here to Subscribe
By Admin | November 11, 2016 | Daily Update |
0 comments