Canadian Dollar Update November 13, 2015
USD/CAD Open: 1.3305-1.3306 Overnight Range: 1.3266-1.3311
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.52 and gold is at $1,084. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3337. Support is at 1.3221.
The Canadian dollar remains trading within a very narrow range late in the week. Oil prices are softer as they continue to retrace gains from earlier in the month. U.S. retail sales data for October was released today, a disappointing 0.1% growth relative to expectations of 0.3%. These figures have had little impact on FX markets this morning. The lack of data releases this week made it a quiet week for the Canadian dollar. Relative monetary policy will continue to be CAD’s main driver in the short-term, with oil prices also being a factor.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 13, 2015 | Daily Update |
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