Canadian Dollar Foreign Exchange Update October 18, 2016
USD/CAD Open: 1.3077-1.3078 Overnight Range: 1.3056-1.3155
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.42 and gold is at $1,261. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3145. Support is at 1.3017.
The Canadian dollar is higher this morning amidst an environment of broad-based USD weakness. A recent pair of dovish speeches from Fed Chair Yellen and Vice Chair Fischer, coupled with the Fed’s past willingness to maintain accommodative monetary policy, have facilitated the decline. US CPI for September was in line with expectations (+0.3% actual vs. +0.3% expected) which could provide support to the USD. The tone of tomorrow’s Bank of Canada rate decision provides risk to CAD in the short-term.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 18, 2016 | Daily Update |
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