Canadian Dollar FX Update December 23, 2016
USD/CAD Open: 1.3535-1.3536 Overnight Range: 1.3464-1.3551
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.32 and gold is at $1,132. US futures are lower. Today Canada released GDP data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3542. Support is at 1.3435.
The Canadian dollar continues to slide lower following this morning’s GDP data release for October. The Canadian economy missed the low expectations of flat growth for October GDP, with the economy contracting by 0.3% MOM. After a strong third quarter this year, the Canadian economy has been stagnating during the fourth quarter. Trading volumes can be expected to be lighter as we move into the holiday season.
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.
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By Admin | December 23, 2016 | Daily Update |
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