Canadian Dollar FX Update November 17, 2016
USD/CAD Open: 1.3447-1.3448 Overnight Range: 1.3399-1.3452
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.19 and gold is at $1,225. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3487. Support is at 1.3381.
The Canadian dollar is once again higher this morning, a outperforming over the last week. CAD has reconnected to oil prices, responding positively to higher WTI this week on OPEC-driven rumours. Yield spreads continue to widen, but CAD has shown less correlation to this driver over the past few sessions. US CPI data matched expectations this morning, continuing to reinforce the idea of a rate hike this year. Fed Chair Yellen has stated the Fed will look to hike rates “relatively soon”. In the absence of domestic data, CAD is likely to track oil prices throughout today’s session.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 17, 2016 | Daily Update |
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