Canadian Dollar Update November 10, 2016
USD/CAD Open: 1.3466-1.3467 Overnight Range: 1.3386-1.3498
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.85 and gold is at $1,277. 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 1.3580. Support is at 1.3320.
The Canadian dollar is lower this morning amidst an environment of broad-based USD strength following Tuesday’s election result. Despite moving sharply lower Tuesday night, US equities have rebounded, as a Trump presidency could mean additional fiscal stimulus, as well as lower corporate taxes. Interest rate spreads continue to widen in a CAD negative manner, driving CAD lower despite steady oil prices and healthy risk appetite in markets. Domestic data is limited this week, so CAD is likely to trade based on market factors.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 | November 10, 2016 | Daily Update |
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