Canadian Dollar Update December 28, 2016
USD/CAD Open: 1.3577-1.3578 Overnight Range: 1.3560-1.3599
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.05 and gold is at $1,140. 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 1.3601. Support is at 1.3528.
The Canadian dollar has traded narrowly this morning. Relative central policy remains dominant in FX markets, following last week’s data releases. CAD remains soft after disappointing GDP and CPI data. Oil prices are firmer, which will help offset CAD weakness. There are no domestic data releases scheduled for today’s session, so CAD is likely to trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
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 28, 2016 | Daily Update |
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