Canadian Dollar FX Update November 16, 2015
USD/CAD Open: 1.3339-1.3340 Overnight Range: 1.3289-1.3350
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.97 and gold is at $1,087. 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 1.3356. Support is at 1.3274.
The Canadian dollar is quiet early in the week as domestic data releases have been limited. Markets are now trying to assess the impact of last week’s terrorist attacks in Paris, and more specifically the potential economic impact of the events. For this reason, safehaven currencies are a little better on the day, with the USD and CHF amongst the top performers. WTI is lower, very close to testing the $40/barrel level. It’s shaping up to be another quiet week for CAD, the main drivers being oil and relative monetary policy. Friday’s retail sales and CPI data will be the most important Canadian data release for the week.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 16, 2015 | Daily Update |
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