Canadian Dollar Update December 24, 2015
USD/CAD Open: 1.3849-1.3850 Overnight Range: 1.3840-1.3874
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $37.78 and gold is at $1,073. US futures are flat. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3914. Support is at 1.3846.
The Canadian dollar will trade in lower volumes today on account of the holiday. We can expect to see lower volumes throughout the holiday season, leading into January of 2016. As a side note, 8 of the last 10 Januarys have been USD positive. The focus of the Canadian dollar for January will be on the BoC policy meeting, as economic conditions this year (employment, GDP growth, and oil prices), are worse than last year. Last January we saw an unexpected rate cut, so that remains a possibility. Oil is firmer on the week, which has helped facilitate modest gains for CAD.
Have a great holiday!
Today’s Suggested Range USD/CAD: 1.3800 – 1.3900
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.
By Admin | December 24, 2015 | Daily Update |
0 comments