Canadian Dollar FX Update November 23, 2016
USD/CAD Open: 1.3455-1.3456 Overnight Range: 1.3423-1.3509
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.44 and gold is at $1,193. 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 1.3483. Support is at 1.3394.
The Canadian dollar continues to trade within a tight range, consolidating before Thanksgiving in the United States. CAD continues to trade in lockstep with oil prices, ignoring yield spreads which continue to widen. The remainder of the week is likely to be quiet, with EIA oil inventories being the only release of note. Domestic risk is limited throughout the remainder of the week, making CAD likely to trade based on market risk appetite.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 23, 2016 | Daily Update |
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