Canadian Dollar FX Update September 26, 2016
USD/CAD Open: 1.3162-1.3163 Overnight Range: 1.3147-1.3200
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.35 and gold is at $1,345. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3242. Support is at 1.3072.
The Canadian dollar is soft in the wake of last week’s disappointing data releases. Monetary policy will be the dominant driver of CAD towards the end of 2016, and Friday’s lackluster inflation data has weighed on CAD. September’s BoC statement addressed a downward “tilt” to the inflation picture in Canada, which was manifested in last Friday’s data. Sluggish inflation will continue to weigh on the Canadian economy, and resultantly, the Canadian dollar in the short-term. Contrastingly, the US continues to look to raise rates in 2016.
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 26, 2016 | Daily Update |
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