Canadian Dollar FX Morning Update September 21, 2015
FX Morning Update September 21, 2015
USD/CAD Open: 1.3204-1.3205 Overnight Range: 1.3175-1.3234
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.94 and gold is at $1,133. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3286. Support is at 1.3061.
Following the volatile swings of late last week, the Canadian dollar is trading in a relatively narrow range early this week. Despite rallying to almost the 1.30 range late last week, the Canadian dollar was unable to find support in this area. Resultantly, the Canadian dollar gave back all the gains it made last week to trade at the pre-FOMC meeting levels we’ve seen over the past month.
Risk today lies with speakers, as the BoC’s Poloz as well as the Fed’s Lockhart both speak today. Both are expected to echo the sentiment conveyed in their most recent rate policy decisions. Fed tone since last week’s FOMC has been increasing bullish, as it appears last week’s decision to hold rates was a close call. It’s safe to say that the base case for 2015 includes a rate hike, but uncertainty remains. The Canadian dollars main drivers throughout the rest of 2015 will continue to be oil prices and relative monetary policy.
The Canadian dollar has been unable to hold on to any recent rallies and lacks near term catalysts.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 | September 21, 2015 | Daily Update |
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