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Canadian Dollar Update December 14, 2016

USD/CAD Open: 1.3111-1.3112      Overnight Range:      1.3092-1.3142

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $52.21 and gold is at $1,167.  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 1.3153.  Support is at 1.3081.

The Canadian dollar is flat this morning, trading quietly in the absence of domestic data. The USD continues to trade defensively ahead of today’s rate decision, which will serve as the main event for the day in FX markets. Crude oil prices have backed off recent highs, which alongside CAD-negative yield spreads have CAD’s usual drivers moving against CAD. Today’s FOMC decision will set the tone for FX markets, leaving CAD to trade based on its risk profile.

Today’s Suggested Range USD/CAD: 1.3000 – 1.3200

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 14, 2016 | Daily Update | 0 comments