Canadian Dollar FX Update December 15, 2016
USD/CAD Open: 1.3360-1.3361 Overnight Range: 1.3263-1.3365
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.06 and gold is at $1,132. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3395. Support is at 1.3106.
The Canadian dollar is sharply lower following yesterday’s Fed decision to raise rates. Dot plots were additionally more optimistic, providing broad-based strength to the US dollar. Oil prices are additionally lower, retreating towards $50/barrel after a string of gains. Divergent monetary policy between Canada and the US is expected to continue in early 2017. Both CAD’s main drivers (oil prices and yield spreads) are moving in a CAD negative manner.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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.
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By Admin | December 15, 2016 | Daily Update |
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