Canadian Dollar FX Update November 14, 2016
USD/CAD Open: 1.3547-1.3548 Overnight Range: 1.3499-1.3555
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.02 and gold is at $1,218. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3608. Support is at 1.3476.
The Canadian dollar is lower this morning, a relative performer amongst its peer group amidst an environment of continued USD strength. Rising yields in the US continue to catalyze the US dollar’s ascent, as yield spreads continue to widen between the US and other countries, including Canada. Lower oil prices are further pressuring CAD, as WTI continues to slide closer to $40/barrel once again. An increasingly hawkish Fed is sharply in contrast to the current neutral Bank of Canada stance. In the short-term, the Canadian dollar continues to lack a catalyst.
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 | November 14, 2016 | Daily Update |
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