Canadian Dollar Update February 2, 2016
USD/CAD Open: 1.4073-1.4074 Overnight Range: 1.3938 -1.4079
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $30.26 and gold is at $1,127. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4127. Support is at 1.3983.
The Canadian dollar is softer this morning, as WTI has pulled back to hover around $30/barrel once again. There is a risk off sentiment in FX today, and global stocks are weaker premarket. We continue to see the Canadian dollar moving in tandem with oil prices, and this is likely to be the case in the absence of domestic data releases. During a speech yesterday from Fed Vice-Chair Fischer, global growth concerns were again brought to the forefront. Markets are skeptical of the Fed’s proposed 4 rate hikes in 2016, but Vice-Chair Fischer did not take a March rate hike off the table. Leading up to Friday’s data releases, the Canadian dollar will continue to closely track oil prices.
Today’s Suggested Range USD/CAD: 1.4000 – 1.4100
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 | February 2, 2016 | Daily Update |
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