Canadian Dollar Forex Update October 15, 2015
FX Morning Update October 15, 2015
USD/CAD Open: 1.2922-1.2923 Overnight Range: 1.2873-1.2941
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.24 and gold is at $1,189. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3007. Support is at 1.2842.
The Canadian dollar is stronger today, in an environment of broad-based USD weakness. Market participants are beginning to re-assess the likelihood of a rate hike from the Federal Reserve in 2015 amidst recent lackluster data releases. The US released CPI data this morning, with consumer prices falling 0.2%, equal to consensus expectations. Sluggish inflation will remain the largest hurdle for a rate hike in 2015, as recent inflation data shows that the Fed’s mandate of 2% is hardly being challenged. In the absence of domestic data releases, expect the Canadian dollar to track the broader market sentiment, as well as oil prices.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 | October 15, 2015 | Daily Update |
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