Canadian Dollar Update November 26, 2015
USD/CAD Open: 1.3303-1.3304 Overnight Range: 1.3283-1.3324
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.76 and gold is at $1,070. US equities are closed today for American Thanksgiving. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3336. Support is at 1.3277.
USD/CAD continues to trade in the range of 1.3300, as it has over the past several weeks. Today is American Thanksgiving, which serves to limit near term risk. Trading volumes will likely be light today. The same cannot be said for next week, where several key events will take place. Tuesday’s Q3 GDP, Wednesday’s Bank of Canada meeting, and Friday’s dual employment report will make for a data intensive week, increasing the potential for volatility. CAD has traded in tandem with oil prices of late, but relative policy/yield spreads will be an increasingly important indicator as we move towards the end of 2015.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 26, 2015 | Daily Update | 0 comments