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Canadian Dollar Forex Update December 2, 2015

USD/CAD Open: 1.3397-1.3398      Overnight Range:      1.3353-1.3399

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $41.03 and gold is at $1,057.  US futures are flat. Today, the Bank of Canada releases its policy decision for December.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.3456.  Support is at 1.3223.

The Canadian dollar is lower this morning heading into today’s Bank of Canada policy decision. The Canadian economy is saw 2.3% growth in the 3rd quarter, but a 0.5% contraction in the month of September raises some concern heading into the fourth quarter. Fourth quarter growth is largely expected to be pedestrian.
Sentiment in today’s Bank of Canada statement is likely to be more dovish than the last statement, given recent developments. It would come as little surprised to see the Canadian dollar fall further over the winter months, as markets begin to price in the possibility of further rate cuts by the Bank of Canada. A policy hold at today’s meeting is a virtual certainty, with no press conference scheduled after. However, Governor Poloz has a penchant for surprising markets. Risk appears to be to the downside for CAD. Tomorrow’s ECB meeting, as well as Friday’s dual employment release will ensure this is a busy week for the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.3350 – 1.3450

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Canadian Dollar Forex Update December 2, 2015

Canadian Dollar Forex Update December 2, 2015

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 | December 2, 2015 | Daily Update | 0 comments