Canadian Dollar Morning Update September 21, 2016
USD/CAD Open: 1.3178-1.3179 Overnight Range: 1.3138-1.3206
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.83 and gold is at $1,329. 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 1.3214. Support is at 1.3122.
The Canadian dollar is higher this morning amidst an environment of broad-based USD weakness moving towards this afternoon’s Fed meeting. A rate hold is widely expected, so market participants will be looking to sentiment, and the implications they may have for the December meeting. We expect a hawkish bias, preparing markets for the possibility of a rate hike in December, as they did last year. We note the potential for added volatility in trading for the Canadian dollar as FX markets react to the Fed decision and accompanying statement.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 21, 2016 | Daily Update |
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