Canadian Dollar Update October 5, 2016
USD/CAD Open: 1.3184-1.3185 Overnight Range: 1.3171-1.3219
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.61 and gold is at $1,275. US futures are higher. Canada released trade data for August this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3251. Support is at 1.3145.
The Canadian dollar is flat, consolidating towards the lower end of its one week range. Canadian trade data was better than expected this morning (-1.9bn actual vs. -2.5bn expected), which is a positive sign for the Canadian economy, building on July’s strong trade data. Oil prices are lending additional support to CAD, as WTI approaches $50/barrel once again. CAD’s main drivers remain mixed as yield spreads continue to widen in a CAD negative manner.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 5, 2016 | Daily Update | 0 comments