Canadian Dollar FX Update November 12, 2015
USD/CAD Open: 1.3312-1.3313 Overnight Range: 1.3227-1.3327
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.30 and gold is at $1,081. 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 1.3327. Support is at 1.3250.
The Canadian dollar is softer this morning, as risk-aversion in FX markets leads the USD higher against most of the G10 space. In the absence of Canadian domestic data releases, the Canadian dollar will track the path of both oil prices and relative monetary policy. There are quite a few Fed speakers today, which could contribute to some volatility. Commodities are weak on the day, with oil prices continuing to retrace gains made earlier in the month. Both oil and the Canadian dollar have been unable to sustain momentum of late, hinting to downside risk in the near-term.
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 12, 2015 | Daily Update |
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