Canadian Dollar Forex Update November 4, 2015
FX Morning Update November 4, 2015
USD/CAD Open: 1.3098-1.3099 Overnight Range: 1.3044-1.3099
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.03 and gold is at $1,118. US futures are higher. Today, Canada released merchandise trade figures for September.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3141. Support is at 1.3014.
The Canadian dollar is quiet this morning, trading at levels similar to yesterday’s open. Canadian merchandise trade data was in line with expectations, narrowing the trade deficit to $1.73 Billion. Oil prices are firmer this morning, with WTI creeping back up close to the $50/barrel mark. Firmer oil prices in the short-term will help to buoy the Canadian dollar. Looking ahead, divergent monetary policy between Canada and the U.S. will continue to weigh on the Canadian dollar in the medium-long term, with many financial institutions predicting a weaker Canadian dollar all the way through to 2017. This week will continue to be a U.S. dollar story, as non-farm payrolls for the U.S. to be released on Friday will be the most significant data release of the week.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 4, 2015 | Daily Update |
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