Canadian Dollar FX Update November 7, 2016
USD/CAD Open: 1.3380-1.3381 Overnight Range: 1.3338-1.3418
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.52 and gold is at $1,287. 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 1.3466. Support is at 1.3305.
The Canadian dollar opens the week flat, as we await tomorrow’s US election decision. The US election is likely to have some impact on the US dollar. A Clinton win is likely to be positive for the USD, as it is the outcome that makes it mostly likely for the Fed to raise rates this upcoming December. Today’s trading is likely to be quiet as markets await tomorrow’s decision. CAD’s risk profile (CAD moves higher when risk appetite is higher) will dictate its movement following tomorrow’s result.
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 7, 2016 | Daily Update |
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