Canadian Dollar FX Update November 28, 2016
USD/CAD Open: 1.3412-1.3413 Overnight Range: 1.3403-1.3538
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.07 and gold is at $1,190. 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 1.3501. Support is at 1.3387.
The Canadian dollar is stronger this morning, as market participants look towards Wednesday’s third quarter GDP figures. GDP is expected to be robust following a disappointing second quarter, with growth expected to be 3.4%. Markets are currently pricing in no additional easing from the Bank of Canada over the next 12 months. Weak Q3 results would challenge this notion, leaving CAD vulnerable. CAD has traded within a narrow range over the past several sessions, and appears to continue to lack a catalyst in the short-medium term.
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 28, 2016 | Daily Update |
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