Canadian Dollar Currency Exchange September 8, 2015
USD/CAD Open: 1.3229-1.3230 Overnight Range: 1.3212-1.3309
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.60 and gold is at $1,122. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3279. Support is at 1.3214.
The Canadian dollar is strong early this morning. Most currencies are higher against the US dollar this morning, as global economic concerns could delay the timeline for a Fed rate hike. In Canada, the focal event for the week will be the Bank of Canada’s policy rate decision tomorrow. It’s widely expected that rates will remain unchanged, so risk largely lies in the accompanying commentary. Most importantly, the BoC’s assessment of non-energy export led growth will be watched, as we consider the noticeable improvement in this performance over the month of June and July. The next week could see increased volatility as we consider the risks of changing monetary policy. The Bank of Canada has been known to take on “insurance” with a rate cut, so anything can be expected in these turbulent times.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 | September 8, 2015 | Daily Update |
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