Canadian Dollar FX Update December 6, 2016
USD/CAD Open: 1.3302-1.3303 Overnight Range: 1.3252-1.3312
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.56 and gold is at $1,173. US futures are higher. Today Canada released trade data for September.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3138. Support is at 1.3029.
The Canadian dollar has begun to consolidate gains over the last several sessions. Trade data this morning looked promising from a headline standpoint, as the trade deficit shrank from 4.38 billion to 1.13 billion. However, a one-time decrease in imports was the cause for the decrease, not positive export growth like the Bank of Canada would like to see. Event risk is elevated throughout tomorrow’s Bank of Canada interest rate announcement and accompanying press release.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 6, 2016 | Daily Update |
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