Canadian Dollar Forex Update December 23, 2015
USD/CAD Open: 1.3931-1.3932 Overnight Range: 1.3896-1.3939
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.78 and gold is at $1,070. US futures are higher. Today, Canada releases GDP and retail sales figures for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3948. Support is at 1.3880.
The Canadian dollar is modestly firmer this morning, as oil prices continue to slowly rebound. Canadian GDP and retail sales data for October missed expectations, with Canada’s economy remaining stagnant for the month of October. US personal consumption data was for the most part in line with expectations. Markets are clearly entering holiday season, with trading volumes markedly lower this week. Muted reactions to data releases further evidence this point. Trading should continue to be subdued throughout the holiday season.
Today’s Suggested Range USD/CAD: 1.3900 – 1.4000
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.
By Admin | December 23, 2015 | Daily Update |
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