Canadian Dollar Update November 22, 2016
USD/CAD Open: 1.3410-1.3411 Overnight Range: 1.3378-1.3434
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.48 and gold is at $1,214. US futures are higher. Today Canada released retail sales data for September.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3483. Support is at 1.3347.
The Canadian dollar is modestly higher this morning, moving towards November highs. CAD is trading in tandem with oil prices once again, with higher oil prices providing support. Canadian retail sales for September were in line with expectations (+0.6% actual vs. +0.6% expected). Continued positive economic data for Canada would help assuage market concerns of additional easing from the Bank of Canada over the next 12 months.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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.
Click Here to Subscribe
By Admin | November 22, 2016 | Daily Update |
0 comments