Canadian Dollar Forex Update November 17, 2015
USD/CAD Open: 1.3308-1.3309 Overnight Range: 1.3297-1.3344
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.51 and gold is at $1,078. US futures are higher. There are no domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3365. Support is at 1.3284.
In the absence of domestic data, the Canadian dollar has traded in a narrow range over the past week. US CPI data was released today, meeting expectations of 0.2% MOM growth. The US economy continues to show signs of development, with the labour market continuing to look strong. Inflation data has lagged expectations, as the strong USD continues to weigh down inflation figures. Oil prices and relative policy will continue to be CAD’s main drivers. Oil prices are a little firmer than yesterday, but continue to be soft. Yield-spreads are increasing marginally, noticeable on the 2Y spread, as a result of divergent monetary policy. A rate hike for the Fed in December remains ostensibly possible.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 | November 17, 2015 | Daily Update |
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