Canadian Dollar Foreign Exchange Update October 13, 2016
USD/CAD Open: 1.3242-1.3243 Overnight Range: 1.3237-1.3307
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.25 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 1.3300. Support is at 1.3202.
The Canadian dollar is quiet this morning, as CAD appears to be consolidating at current levels. Weak Chinese trade data has led to risk-off trading in FX this morning, leaving commodity currencies like CAD vulnerable. Next week’s Bank of Canada meeting will be the next major event impacting the Canadian dollar. In the meantime, CAD has largely traded in disconnect from oil prices in favour of monetary policy considerations, as well as the broader market tone.
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 | October 13, 2016 | Daily Update |
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