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Canadian Dollar Foreign Exchange Update November 16, 2016

USD/CAD Open: 1.3453-1.3454      Overnight Range:      1.3422-1.3506

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $45.62 and gold is at $1,227.  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 1.3552.  Support is at 1.3415.

The Canadian dollar is slightly lower this morning following yesterday’s oil-driven rally. CAD is a relative performer alongside its peer group (AUD, NZD), this morning. Yesterday’s OPEC rumour-driven rally in oil hints to a possibility of higher oil prices, though CAD has traded largely in disconnect with oil over the past several weeks, as CAD’s primary drivers remain divided. December’s Fed meeting (and rate hike possibility) in the US will continue to be the dominant storyline in North American FX moving towards the end of the year.

Today’s Suggested Range USD/CAD: 1.3400 – 1.3500

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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 | November 16, 2016 | Daily Update | 0 comments