Canadian Dollar Foreign Exchange Update September 30, 2016
USD/CAD Open: 1.3113-1.3115 Overnight Range: 1.3102-1.3195
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.01 and gold is at $1,331. US futures are higher. Today domestic GDP figures for July were released.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3216. Support is at 1.3069.
The Canadian dollar is strong this morning, following July’s GDP data. Figures for July GDP surprised to the upside (+0.5% actual vs. +0.3% expected), a positive sign for the Canadian economy. Oil prices have continued to rise towards the end of the week, lending additional support to CAD. We expect that monetary policy considerations will continue to be the main driver for the Canadian dollar in the fourth quarter of 2016.
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.
Click Here to Subscribe
By Admin | September 30, 2016 | Daily Update |
0 comments