Canadian Dollar FX Update September 6, 2016
USD/CAD Open: 1.2922-1.2923 Overnight Range: 1.2886-1.2934
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.16 and gold is at $1,338. 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 1.2970. Support is at 1.2856.
The Canadian dollar is higher this morning, consolidating gains made towards the end of last week. Last week’s US employment data was underwhelming, and market participants continue to assess the likelihood of a rate hike later this year. Domestic risk this week is centered on Wednesday’s Bank of Canada rate decision. A rate hold is widely expected, as no meaningful change in monetary policy is anticipated in the short-term. CAD has begun to reconnect with oil prices, tracking WTI more closely following last week’s data releases. With several central bank meetings this week, the possibility of additional volatility exists.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 6, 2016 | Daily Update |
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