Canadian Dollar Update November 11, 2015
USD/CAD Open: 1.3262-1.3263 Overnight Range: 1.3237-1.3281
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.55 and gold is at $1,087. 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 1.3244. Support is at 1.3357.
The Canadian dollar has gained modestly as FX trading continues to be defensive leading up to today’s holiday (Remembrance Day, Veteran’s Day). In a quiet week for data, it’s unsurprising that the Canadian Dollar continues to trade in a very narrow range. Friday’s retail sales in the United States will be the most important data point of the week. U.S. data releases for the months of October and November will continue to be important in assessing the likelihood of a December rate hike.
Today’s Suggested Range USD/CAD: 1.3225 – 1.3325
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.
By Admin | November 11, 2015 | Daily Update |
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