Canadian Dollar Update December 22, 2016
USD/CAD Open: 1.3504-1.3505 Overnight Range: 1.3406-1.3521
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.37 and gold is at $1,130. US futures are lower. Today Canada released data for November’s CPI and retail sales for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3516. Support is at 1.3396.
The Canadian dollar continues to weaken following today’s data releases. Oil prices are lower this morning, falling below $52/barrel at points. Canadian data was mixed this morning, with the end result leaving CAD lower. CPI for November failed to meet expectations (+1.2% YOY actual vs. +1.4% YOY expected) as the fourth quarter of this year is not expected to be as strong as the third. Retail sales for October were better than expected (+1.1% MOM actual vs. +0.3% MOM expected). Event risk remains elevated for CAD for the remainder of the week.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 22, 2016 | Daily Update |
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