Canadian Dollar Update December 8, 2016
USD/CAD Open: 1.3224-1.3225 Overnight Range: 1.3198-1.3251
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.26 and gold is at $1,175. 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 1.3269. Support is at 1.3179.
The Canadian dollar continues to hold onto the gains that have been made recently, as the “Trump bump” in the US dollar post-election continues to fade. CAD remains better supported by oil, as prices remain over $50/barrel. Yesterday the Bank of Canada left rates unchanged, as was expected by markets. The BoC statement was relatively short, and did not include any new or unexpected information. The focus for the month in FX markets will continue to be this month’s Fed meeting in the US.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 8, 2016 | Daily Update |
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