Canadian Dollar Forex Update November 23, 2015
USD/CAD Open: 1.3380-1.3381 Overnight Range: 1.3332-1.3436
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.22 and gold is at $1,071. 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 1.3440. Support is at 1.3275.
The Canadian dollar is slightly lower early in the week. This week will be a quiet week for Canadian data, so the Canadian dollar will trade with the broader market. WTI remains low, despite headlines relaying the Saudi government’s desire for oil market stability. The USD was broadly stronger over the weekend, as SF Fed President Williams noted there was a strong case for a rate hike in December, provided US data holds up. Euro weakness is possible in the short-term, as more easing is expected at the December 3rd ECB policy meeting. CAD will remain vulnerable to changes in relative policy, as sentiment regarding December’s FOMC rate decision will be continue the story leading into the end of 2015.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 23, 2015 | Daily Update |
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