Canadian Dollar Update November 18, 2015
USD/CAD Open: 1.3340-1.3341 Overnight Range: 1.3297-1.3348
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.04 and gold is at $1,068. 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 1.3341. Support is at 1.3295.
The Canadian dollar continues to trade narrowly this week, as it begins to consolidate about the USDCAD 1.3300 level. Today the minutes will be released for the October Fed meeting, but they are unlikely to provide additional insight to what has already been telegraphed. A December rate hike remains possible but not definite, and the tightening of monetary policy will begin gradually. Divergent monetary policy between the US and many of its peers (mostly notably the Euro, but also CAD), should continue to buoy the USD heading into 2016. Commodities remain weak, as WTI continues to show an inability to hold onto gains. In the absence of domestic data releases, expect CAD to trade with the broader market tone for the session.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 18, 2015 | Daily Update |
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