Canadian Dollar FX Update November 10, 2015
USD/CAD Open: 1.3281-1.3282 Overnight Range: 1.3249-1.3289
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.15 and gold is at $1,088. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3305. Support is at 1.3241.
The Canadian dollar continues to consolidate early in the week, trading in a remarkably narrow range. In the absence of major data releases, FX markets have been quiet leading up to tomorrow’s holiday. On Friday U.S. retail sales data will be released, which is the most important data point in a relatively light week. It’s worth noting recent Euro weakness, as the Euro is the worst performing currency in the G10 space, seemingly hand-cuffed by divergent monetary policy, similar to CAD. Recent data strength from the U.S. makes a 2015 rate hike ostensibly more likely, and that will continue to be the story to watch throughout the rest of 2015.
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.
By Admin | November 10, 2015 | Daily Update |
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