Canadian Dollar Update November 1, 2016
USD/CAD Open: 1.3361-1.3362 Overnight Range: 1.3357-1.3426
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.99 and gold is at $1,289. US futures are higher. Today, Canada releases GDP data for August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3426. Support is at 1.3345.
The Canadian dollar is stronger this morning, following solid GDP figures for August. GDP for August met expectations (+0.2% actual vs. +0.2% expected), which is a positive for CAD given the recent string of poor data. Oil prices continue to gradually give back recent gains, however yield spreads have been the main driver for CAD of late. Stabilization in yield spreads has contributed to CAD trading in a remarkably narrow range over the past few sessions. Event risk remains elevated for CAD moving towards tomorrow’s Fed meeting.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | November 1, 2016 | Daily Update |
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