Canadian Dollar Forex Update November 9, 2015
FX Morning Update November 9, 2015
USD/CAD Open: 1.3294-1.3295 Overnight Range: 1.3245-1.3310
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.60 and gold is at $1,091. 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 1.3331. Support is at 1.3170.
The Canadian dollar is quiet, trading around the levels seen following last Friday’s non-farm payroll employment release in the United States. This week is a light week for data, so FX markets are expected to be quiet. Following last week’s NFP release, the U.S. dollar is broadly stronger, with the DXY a fraction away from the highs set in April of this year. The bleak outlook for oil prices as well as divergent monetary policy is likely to hamstring the Canadian dollar throughout the remainder of 2015. The Canadian dollar continues to lack a catalyst in the short-medium term.
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 9, 2015 | Daily Update |
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