Canadian Dollar Morning Update September 9, 2016
USD/CAD Open: 1.3002-1.3003 Overnight Range: 1.2910-1.3016
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.70 and gold is at $1,338. US futures are lower. Today Canada releases employment data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2998. Support is at 1.2883.
The Canadian dollar is lower this morning, as market participants continue to assess the implications of Wednesday’s Bank of Canada statement. Oil prices have been firmer of late, but relative policy remains the main driver in FX markets. Today’s employment data release in Canada surprised to the upside (+26.2k actual vs. +14k expected). The Canadian Dollar’s inability to appreciate on positive fundamental data is a bearish sign for CAD.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 9, 2016 | Daily Update |
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