Canadian Dollar Update November 19, 2015
USD/CAD Open: 1.3294-1.3295 Overnight Range: 1.3246-1.3314
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.19 and gold is at $1,071. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3347. Support is at 1.3225.
The Canadian dollar is stronger this morning amidst an environment of broad-based USD weakness. The minutes for the October FOMC meeting were released yesterday. There were no major surprises found in the minutes, but much of the talk appeared to shift to the path of policy normalization as opposed to the timing of the first rate hike. All evidence collected at this point seems to indicate the FOMC will take a gradual approach to policy normalization to avoid economic stagnation. Commodities are weak, with WTI testing the $40/barrel level yesterday. A warm winter, as a result of El Nino, could put additional downward pressure on the energy industry. This will continue to be a US dollar story heading into December’s FOMC rate policy meeting.
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 19, 2015 | Daily Update |
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