Canadian Dollar FX Morning Update September 29, 2015
FX Morning Update September 29, 2015
USD/CAD Open: 1.3396-1.3397 Overnight Range: 1.3373-1.3399
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.16 and gold is at $1,129. 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 1.3455. Support is at 1.3338.
The Canadian dollar continues to descend early in the week, trading at within half a cent of its 11 year high. This figures to be a quiet week for domestic data releases, with the exception of tomorrow’s monthly GDP figures for July. As the US economy continues to pick up steam, we should see Canadian exports benefit. This makes further accommodation by the Bank of Canada less likely over the next 12 months, which should provide some support to the Canadian dollar. However, falling oil or further weakness in the Canadian economy could change the picture. In the absence of domestic data releases, the Canadian dollar will track the broader market.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 29, 2015 | Daily Update |
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