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FX Morning Update October 27, 2015
USD/CAD Open: 1.3217-1.3218 Overnight Range: 1.3154-1.3227
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.80 and gold is at $1,161. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3220. Support is at 1.3140.
The Canadian dollar is slightly lower this morning, underperforming in the G10 FX space as oil prices fall to their lowest levels since early September. Continued weakness in oil prices will continue to weigh on the Canadian dollar leading up to tomorrow’s FOMC meeting. We’re likely to see risk-off trading leading up to tomorrow’s decision, lending modest strength to safe-haven currencies (USD, JPY, CHF, EUR) against the Canadian dollar. In the medium-term, relative monetary policy, oil prices, as well as general market sentiment will continue to be the main drivers of the Canadian dollar.
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Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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