Canadian Dollar Foreign Exchange Update September 23, 2016
USD/CAD Open: 1.3135-1.3136 Overnight Range: 1.3029-1.3157
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.94 and gold is at $1,341. US futures are lower. Today Canada released both retail sales and CPI data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3096. Support is at 1.2993.
The Canadian dollar is lower this morning, as domestic data releases missed expectations. Inflation data for August was sluggish (+1.1% actual vs +1.4% expected), as inflation continues to slump. Retail sales also missed (-0.1% actual vs. +0.1% expected). This string of poor economic data has erased the gains made by the Canadian dollar following Wednesday’s Fed meeting. Oil prices remain firm. As experienced this week, monetary policy will continue to be CAD’s main driver moving towards the end of the year.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 | September 23, 2016 | Daily Update |
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