Canadian Dollar Update December 20, 2016
USD/CAD Open: 1.3401-1.3402 Overnight Range: 1.3394-1.3434
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.34 and gold is at $1,132. 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 1.3461. Support is at 1.3345.
CAD is flat from Monday’s close, testing multi-month lows. Canadian wholesale trade sales data from this morning rose more than expected (+1.1% actual vs. 0.5% expected), but it has had a negligible impact on CAD. More data is scheduled later in the week, with retail sales, CPI, and GDP data to be released. Event risk remains elevated for the Canadian dollar moving towards the new year.
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 20, 2016 | Daily Update | 0 comments