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Canadian Dollar Forex Update October 27, 2015

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

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.

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By Admin | October 27, 2015 | Daily Update | 0 comments