Canadian Dollar Update October 14, 2016
USD/CAD Open: 1.3167-1.3168 Overnight Range: 1.3153-1.3220
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.80 and gold is at $1,255. 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 1.3262. Support is at 1.3109.
The Canadian dollar is stronger this morning, as risk appetite picks up in FX markets. Domestic data leading up to next Wednesday’s Bank of Canada meeting is limited, so broader market developments will be the primary focus for CAD. Markets are still extremely hesitant in pricing in a rate hike for this December, as the Fed has failed to act with conviction in the past. The Fed narrative will continue to be the main driver in FX markets towards the end of the year.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 | October 14, 2016 | Daily Update |
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