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Canadian Dollar FX Update December 5, 2016

USD/CAD Open: 1.3289-1.3290      Overnight Range:      1.3285-1.3357

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $52.15 and gold is at $1,168.  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 1.3369.  Support is at 1.3269.

The Canadian dollar has been better supported over the past several sessions, as oil prices have rallied significantly to over $52/barrel. CAD faces significant event risk this week, as tomorrow we will see trade data figures for September, and Wednesday there will be a Bank of Canada rate decision. As this Wednesday’s BoC decision will not include a press conference, it is unlikely the Bank of Canada makes any meaningful change in tone. Despite the recent rally, longer-term challenges will make it difficult for CAD to extend gains towards the end of the year.

Today’s Suggested Range USD/CAD: 1.3250 – 1.3350

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 5, 2016 | Daily Update | 0 comments