Canadian Dollar Foreign Exchange Update September 7, 2016
USD/CAD Open: 1.2835-1.2836 Overnight Range: 1.2827-1.2862
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.05 and gold is at $1,354. US futures are mixed. Today the Bank of Canada makes its September rate decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2918. Support is at 1.2812.
The Canadian dollar is flat this morning, consolidating yesterday’s gains. Domestic risk today is centered on today’s Bank of Canada rate decision and accompanying statement. A rate hold at 0.50% is widely expected, but the tone of the statement has the potential to move the Canadian dollar. Additionally, oil prices have recovered to over $45/barrel. Contrasting monetary policy between Canada and the US is poised to be the main driver of USD/CAD moving throughout the second half of 2016.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 7, 2016 | Daily Update |
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