Canadian Dollar Morning Update December 1, 2016
USD/CAD Open: 1.3363-1.3364 Overnight Range: 1.3360-1.3439
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.72 and gold is at $1,172. 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 1.3461. Support is at 1.3355.
The Canadian dollar is stronger this morning, following oil prices higher after yesterday’s OPEC facilitated surge. Oil prices have reached a 1 month high, returning to over $50/barrel. Continued monetary policy divergence between Canada and the US looks to continue to limit CAD upside in the medium term. Domestic risk is limited for today’s session, as market participants await Friday’s dual employment release.
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 | December 1, 2016 | Daily Update |
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