Canadian Dollar FX Update October 19, 2016
USD/CAD Open: 1.3090-1.3091 Overnight Range: 1.3090-1.3129
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.96 and gold is at $1,270. US futures are higher. Today the Bank of Canada makes its rate decision for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3132. Support is at 1.3047.
The Canadian dollar is higher once again this morning, leading up to today’s Bank of Canada rate decision. A rate hold is widely expected, with the statement tone being of primary importance. Economic data from Canada has been more positive as of late. A neutral tone is expected from the Bank of Canada, but CAD weakness is a possibility if September’s dovish tone is reiterated. Today’s event risk could make today’s session more volatile for CAD.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 | October 19, 2016 | Daily Update |
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