Canadian Dollar Update November 15, 2016
USD/CAD Open: 1.3543-1.3544 Overnight Range: 1.3488-1.3571
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.84 and gold is at $1,225. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3577. Support is at 1.3477.
The Canadian dollar is higher this morning, as higher oil prices have provided support. Yield spreads continue to widen against the US in a CAD-negative manner, leaving CAD’s primary drivers mixed. Markets are pricing in a rate hike in the US for December, while pricing in no meaningful change in Canadian monetary policy over the next 12 months. Divergent monetary policy will continue to be the central story for CAD moving towards the end of the year.
Today’s Suggested Range USD/CAD: 1.3500 – 1.3600
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 15, 2016 | Daily Update |
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