Canadian Dollar Update December 16, 2016
USD/CAD Open: 1.3373-1.3374 Overnight Range: 1.3317-1.3387
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.74 and gold is at $1,135. 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 1.3417. Support is at 1.3150.
The Canadian dollar continues to fall against the US dollar following this week’s hawkish rate hike from the Federal Reserve. Continued divergence in monetary policy between Canada and the US throughout 2017 is likely limit Canadian dollar upside in the medium term, as yield spreads widen. With oil prices stagnating, CAD appears to lack a catalyst in the short-term.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 16, 2016 | Daily Update | 0 comments