Canadian Dollar FX Update October 25, 2016
USD/CAD Open: 1.3357-1.3358 Overnight Range: 1.3276-1.3364
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.38 and gold is at $1,268. 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 1.3384. Support is at 1.3264.
Yesterday was a volatile day for the Canadian dollar, as comments made by Bank of Canada Governor Poloz confused markets. While addressing parliament, Governor Poloz implied there was little intention of cutting rates over the next 18 months, resulting in a spike in the Canadian dollar. Afterwards, Poloz clarified his comments and the USD returned to the levels it was previously trading at. Domestic data is limited today so we expect the Canadian dollar to track the broader market.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 25, 2016 | Daily Update |
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