Canadian Dollar Update November 8, 2016
USD/CAD Open: 1.3361-1.3362 Overnight Range: 1.3350-1.3392
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.72 and gold is at $1,282. 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 1.3423. Support is at 1.3309.
The Canadian dollar is quiet this morning, consolidating before today’s US election. Domestic data is limited to second tier releases, making sentiment the primary driver for today’s session. The US election result is likely to impact the USD, primarily as it relates to monetary policy continuity. With the US election spanning the day, headline risk is elevated, with the possibility of increased volatility over today and tomorrow’s sessions.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 8, 2016 | Daily Update |
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