Canadian Dollar Currency Exchange September 14, 2015
USD/CAD Open: 1.3246-1.3247 Overnight Range: 1.3224-1.3267
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.47 and gold is at $1,104. 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 1.3305. Support is at 1.3211.
The Canadian dollar continues to trade within a narrow range as the Canadian dollar remains in wait-and-see mode ahead of this week’s FOMC meeting. This week is liable to be a busy one for the Canadian dollar, as both domestic and international releases create the possibility for some volatility this week. Markets remain extremely uncertain as to whether the Fed will choose to hike rates this month or postpone the decision.
Concerns surrounding inflation stem from tepid global economic growth and a strong US dollar. If the FOMC decides not to hike rates, speculation surrounding potential inflation would be the major concern, as many Fed officials have stated that the labour market in the US is already very close to full employment (currently 5.1% unemployment). Relative policy will likely be the main driver for the Canadian dollar this week, as BoC Deputy Governor Cote is set to speak just ahead of the Fed announcement this Wednesday.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | September 14, 2015 | Daily Update | 0 comments