Canadian Dollar Update November 29, 2016
USD/CAD Open: 1.3466-1.3467 Overnight Range: 1.3399-1.3481
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.32 and gold is at $1,184. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3533. Support is at 1.3393.
The Canadian dollar is lower this morning, underperforming all of the G10 currencies this morning. CAD has followed oil prices lower. Bank of Canada Governor Poloz’s speech yesterday was largely dovish, alluding to both negative rates and QE as part of the BoC’s toolkit. Markets are currently pricing in no meaningful change in monetary policy over the next 12 months in Canada, potentially underpricing current BoC sentiment. Market participants await tomorrow’s Canadian third quarter GDP.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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 29, 2016 | Daily Update |
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