Canadian Dollar Update November 18, 2016
USD/CAD Open: 1.3521-1.3522 Overnight Range: 1.3493-1.3565
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.26 and gold is at $1,210. US futures are mixed. Today Canada releases CPI data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3576. Support is at 1.3411.
The Canadian dollar is flat this morning, consolidating around yesterday’s levels. Yesterday’s comments from Fed Chair Yellen did nothing to dissuade the notion of a rate hike at December’s meeting, fueling a USD rise. CAD is a relative outperformer in the G10 space, generally better supported by OPEC-driven higher oil prices over the past several sessions. October’s CPI data met expectations (+1.5% actual vs. +1.5% expected), which is a positive as the Canadian economy continues to recover from 2016’s poor start. CAD continues to lack a near-term catalyst.
Today’s Suggested Range USD/CAD: 1.3450 – 1.3550
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 18, 2016 | Daily Update |
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