Canadian Dollar FX Update November 3, 2016
USD/CAD Open: 1.3393-1.3394 Overnight Range: 1.3361-1.3401
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.42 and gold is at $1,293. 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 1.3421. Support is at 1.3357.
The Canadian dollar continues to consolidate under the 1.34 range, trading narrowly throughout the week. Domestic risk is limited, as there are no major data releases scheduled for today’s session. Tomorrow’s dual employment release for Canada and the US will be the most important release of the week. Event risk is elevated leading up to next week’s US election.
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 3, 2016 | Daily Update |
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