Canadian Dollar Update September 8, 2016
USD/CAD Open: 1.2907-1.2908 Overnight Range: 1.2850-1.2918
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.11 and gold is at $1,348. 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 1.2921. Support is at 1.2830.
The Canadian dollar is modestly higher this morning, following yesterday’s post Bank of Canada decline. The Bank of Canada held interest rates yesterday as expected; however the tone was less neutral than expected, particularly in regards to inflation. The biggest risk for CAD today is this morning’s ECB meeting and its impact on broader market sentiment. CAD is currently underperforming other commodity currencies amidst an environment of broad-based USD weakness.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 8, 2016 | Daily Update |
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