Canadian Dollar FX Morning Update January 21, 2015 (Bank of Canada)
USD/CAD Open: 1.2068-1.2069 Overnight Range: 1.2066-1.2119
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $46.13 and gold is at $1,302. US futures are lower. Today, the Bank of Canada releases a policy update.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2091. Support is at 1.1721.
US equities are lower as weak inflation prospects and reduced global growth expectations capture headlines. The ECB could announce some type of bond buying program tomorrow. The Canadian dollar is near its lowest level in almost 6 years. The Canadian dollar continues to get hammered and many expect the Bank of Canada today to reduce growth expectations in Canada. The Bank of Canada’s view of falling oil on the economy will be important. The trend remains the friend for the US dollar.
Today’s Suggested Range USD/CAD: 1.2000 – 1.2100
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 21, 2015 | Daily Update |
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