Canadian Dollar FX Morning Update January 13, 2015
USD/CAD Open: 1.1959-1.1960 Overnight Range: 1.1939-1.1993
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.65 and gold is at $1,239. US futures are higher. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2001. Support is at 1.1721.
Oil prices remain weak and the rout on oil continued yesterday. The Canadian dollar also got slapped around as a result of weak oil. OPEC doesn’t want to budge on oil production cuts to manage oil prices. The ECB is likely to implement quantitative easing to boost the economy and avoid deflationary pressures. The probability of an interest rate hike in Canada is getting slimmer. The Canadian dollar may follow oil directionally in the near term.
Today’s Suggested Range USD/CAD: 1.1900 – 1.2000
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 13, 2015 | Daily Update |
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