Canadian Dollar Update December 7, 2016
USD/CAD Open: 1.3285-1.3286 Overnight Range: 1.3262-1.3293
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.46 and gold is at $1,179. US futures are mixed. Today the Bank of Canada makes the December interest rate decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3313. Support is at 1.3254.
The Canadian dollar is trading quietly ahead of the Bank of Canada rate decision scheduled for later in the morning. A rate hold is widely expected; the lack of a press conference to explain the statement afterwards makes it likely the Bank of Canada will reiterate the neutral-dovish tone we’ve seen from the BoC of late. CAD’s direction for the day is likely to be determined following this morning’s decision.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | December 7, 2016 | Uncategorized | 0 comments