Canadian Dollar FX Update November 20, 2015
USD/CAD Open: 1.3303-1.3304 Overnight Range: 1.3282-1.3338
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.14 and gold is at $1,081. US futures are higher. Today, CPI data for October as well as retail sales for September were released.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3351. Support is at 1.3264.
The Canadian dollar is mixed this morning, as both CPI for October and retail sales for September were released this morning. Core CPI was 0.3% MOM, exceeding expectations of 0.2%. However, retail sales for September were -0.5%, anchored by lower auto sales and gas prices. The Canadian economy is still waiting for the positive benefits of a lower Canadian dollar to flow through, as the Bank of Canada is hoping for non-energy led export growth. Canadian data has failed to move the market significantly of late, reaffirming that this will continue to be a US dollar story in the short-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 20, 2015 | Daily Update |
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