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Canadian Dollar Foreign Exchange Update November 2, 2016

USD/CAD Open: 1.3375-1.3376      Overnight Range:      1.3359-1.3406

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $45.96 and gold is at $1,299.  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 1.3413.  Support is at 1.3341.

The Canadian dollar continues to trade in a tight range early this week. Today’s Fed meeting in the US will be the main event for the day, as markets continue to assess the Fed’s rate hike timeline. A hawkish Fed contrasting with a dovish Bank of Canada will continue to be one of the main storylines moving towards the end of the year. Event risk is elevated over the next week, as today’s Fed meeting, Friday’s dual employment reports, and next week’s US election are all approaching in the near-term.

Today’s Suggested Range USD/CAD: 1.3350 – 1.3450

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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 | November 2, 2016 | Daily Update | 0 comments

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