Canadian Dollar Morning Update November 21, 2016
USD/CAD Open: 1.3419-1.3420 Overnight Range: 1.3417-1.3515
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.86 and gold is at $1,213. 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 1.3533. Support is at 1.3404.
The Canadian dollar is higher early this week, consolidating around the midpoint of its post-election levels. CAD’s two primary drivers remain in conflict; yield spreads continue to widen with the US in a CAD-negative manner, while rising oil prices are CAD supportive. Domestic risk is limited throughout today’s session, with tomorrow’s retail sales for September being the next significant release. Looking forward, the Fed rate hike narrative will dominate headlines in FX markets over the next month.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 | November 21, 2016 | Daily Update |
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