Canadian Dollar Update October 3, 2016
USD/CAD Open: 1.3111-1.3112 Overnight Range: 1.3067-1.3142
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.37 and gold is at $1,316. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3166. Support is at 1.3039.
The Canadian dollar is stronger this morning in an environment of broad-based strength amongst commodity currencies. Domestic performance is a driving factor for CAD. As last week’s GDP figures were positive, all eyes will be on this Wednesday’s trade data. Oil is lending additional support to CAD, having rallied significantly last week to once again approach $50/barrel. Expectations of further easing in Canada over the next twelve months have moderated over the last week. Domestic developments and their impact on future monetary policy decisions will continue to be key factors moving forward.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 3, 2016 | Daily Update |
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