Canadian Dollar FX Morning Update December 9, 2015
USD/CAD Open: 1.3569-1.3570 Overnight Range: 1.3547-1.3607
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $37.69 and gold is at $1,083. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3616. Support is at 1.3491.
The Canadian dollar is slightly higher today, as oil prices are slightly firmer. Of late, the Canadian dollar has been tracking oil prices closely, with relative policy being the other primary driver. Differences in monetary policy can be seen through the widening spreads on 2Y treasuries of late. Oil prices don’t appear poised to rebound any time soon, as OPEC has indicated that they are unwilling to institute any sort of supply side restrictions for geopolitical reasons. Leading up to the final FOMC meeting of 2015, relative monetary policy will feature more prominently, with oil prices being the secondary factor driving USD/CAD.
Today’s Suggested Range USD/CAD: 1.3500 – 1.3600
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 9, 2015 | Daily Update |
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