Canadian Dollar Update January 19, 2015
USD/CAD Open: 1.1974-1.1975 Overnight Range: 1.1947-1.1988
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $47.73 and gold is at $1,276. US markets are closed due to a holiday.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2091. Support is at 1.1721.
US markets are closed today due to Martin Luther King Day. Chinese stocks fell sharply overnight as regulators imposed margin rules that rippled through financial markets. The Shanghai Composite Index fell by almost 8%, the biggest decline since mid 2008. All eyes are on the ECB and Bank of Canada this week. In Canada, many are starting to believe an interest rate cut may be more likely than a rate hike by the Bank of Canada. It will be interesting to see how the Bank of Canada comments on falling oil prices and its impact on Canada’s growth forecast. The Canadian dollar continues to be correlated to oil prices.
Today’s Suggested Range USD/CAD: 1.1925 – 1.2025
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 19, 2015 | Daily Update |
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