Canadian Dollar FX Update September 1, 2016
USD/CAD Open: 1.3134-1.3135 Overnight Range: 1.3093-1.3140
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.29 and gold is at $1,310. 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 1.3151. Support is at 1.3085.
The Canadian dollar continues to fall ahead of Friday’s US non-farm payroll release. There are no domestic data releases of importance scheduled for the rest of the week, leaving Cad to trade based on the broader tone. The USD is broadly higher moving towards tomorrow’s release. Oil prices have fallen alongside CAD, now falling below $45/barrel. There is the potential for elevated volatility tomorrow.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 | September 1, 2016 | Daily Update |
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