Canadian Dollar FX Update September 14, 2016
USD/CAD Open: 1.3195-1.3196 Overnight Range: 1.3127-1.3209
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.42 and gold is at $1,324. 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 1.3235. Support is at 1.3075.
The Canadian dollar is lower this morning, consolidating yesterday’s losses. In the absence of domestic data, we can expect CAD to continue to track the broader market, as it has for the past several sessions. Support from CAD’s main drivers has deteriorated, as commodities are once again lower. In an environment of risk aversion, risk continues to appear to be to the downside for CAD.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 14, 2016 | Daily Update |
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