Canadian Dollar Update October 27, 2016
USD/CAD Open: 1.3354-1.3355 Overnight Range: 1.3352-1.3395
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.63 and gold is at $1,271. 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 1.3443. Support is at 1.3202.
The Canadian dollar remains low in a quiet week of trading thus far. Domestic risk has been limited this week, and no major data releases are scheduled for today. Contrasting monetary policy continues to limit the upside of the Canadian dollar in the short-term against the US dollar. The USD will experience significant event risk over the next month, as the Presidential Election and additional Fed meetings loom.
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 | October 27, 2016 | Daily Update |
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