Canadian Dollar Forex Update December 7, 2015
USD/CAD Open: 1.3481-1.3482 Overnight Range: 1.3365-1.3484
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $38.82 and gold is at $1,079. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3414. Support is at 1.3564.
The Canadian dollar is weaker this morning, as the US dollar is at 12 year highs today in the wake of last week’s data-heavy week. This week will be quieter in terms of data releases, but markets will continue to digest last week’s data releases and their implications for the December FOMC meeting. Last week’s labour figures reinforce US economic strength, and inflation figures will be an important data point for the Fed to assess before making their policy decision. Personal consumption will be of particular interest for Fed officials. Oil prices remain low, as WTI is below $40/barrel further weighing on the Canadian dollar. This will continue to be a US dollar story leading up to the December FOMC meeting.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 7, 2015 | Daily Update |
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