Canadian Dollar FX Update September 29, 2016
USD/CAD Open: 1.3084-1.3085 Overnight Range: 1.3047-1.3115
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.92 and gold is at $1,321. 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 1.3213. Support is at 1.2991.
The Canadian dollar is firm, trading around the levels of yesterday’s close. Indications are that OPEC is moving towards supply management through limiting oil output. On this news, both oil prices and the Canadian dollar rallied significantly yesterday, however details of the plan have yet to be confirmed by OPEC. Oil prices are supporting CAD in the near-term, but tomorrow’s domestic GDP release poses risk to CAD’s recent gains.
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 | September 29, 2016 | Daily Update |
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