Canadian Dollar Update November 2, 2015
FX Morning Update November 2, 2015
USD/CAD Open: 1.3099-1.3100 Overnight Range: 1.3063-1.3117
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.83 and gold is at $1,137. 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 1.3180. Support is at 1.3043.
The Canadian dollar opens the week trading quietly. This week will feature data releases of trade (on Wednesday), and employment (on Friday). Divergent monetary policies between Canada and the US will continue to limit Canadian dollar upside throughout the remainder of 2015. Oil has begun to consolidate, with WTI trading in the mid $40’s. Friday will feature a dual employment release for Canada and the United States. Expectations for Friday’s US employment release have been tempered by the Fed, so the bar is low. US data releases will determine the timeline for a Fed rate hike, as the Fed remains adamant that they will follow a data-driven approach. Oil prices and relative policy will continue to be the main drivers for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 2, 2015 | Daily Update |
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