Canadian Dollar FX Update December 19, 2016
USD/CAD Open: 1.3384-1.3385 Overnight Range: 1.3317-1.3396
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.54 and gold is at $1,142. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3403. Support is at 1.3328.
The Canadian dollar is modestly lower this morning, ignoring CAD supportive moves in both oil prices and yield spreads. Event risk is elevated this week as there are several domestic data releases expected. Tuesday’s trade data, Thursday’s retail sales and CPI data, and Friday’s GDP data for October will be the focus for CAD this week. Sentiment continues to dominate markets early in the week, and with a data-heavy week scheduled in Canada this is likely to be the case throughout the rest of the week.
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.
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By Admin | December 19, 2016 | Daily Update |
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