Canadian Dollar Update September 2, 2016
USD/CAD Open: 1.3031-1.3032 Overnight Range: 1.3015-1.3115
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.98 and gold is at $1,329. US futures are higher. Today Canada releases July merchandise trade figures.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3134. Support is at 1.3068.
The Canadian dollar is higher this morning, despite a continued weakens in commodities. Oil prices have begun to stabilize under the $45/barrel range. Today’s highly anticipated US jobs data for August missed expectations (+150k actual vs. +180k expected), which was slightly offset by an upwards adjustment to the July data from +255k to +275k. Canadian merchandise trade data was much better than expected (-2.49B actual vs. -3.30B expected), as a result of growing exports. Moving towards the latter part of the year this will continue to be a US dollar story.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 | September 2, 2016 | Daily Update |
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