Canadian Dollar Update December 13, 2016
USD/CAD Open: 1.3114-1.3115 Overnight Range: 1.3105-1.3140
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.15 and gold is at $1,164. 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 1.3162. Support is at 1.3090.
The Canadian dollar is trading narrowly before tomorrow’s Fed rate decision. CAD has begun to trade closely with oil once again, making movements in oil prices a primary driver of spot for the time being. The USD continues to trade defensively ahead of tomorrow’s announcement, and CAD is likely to trade quietly today as markets await tomorrow’s decision. There are no domestic releases of note scheduled for early in the week in Canada.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 13, 2016 | Daily Update |
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