Canadian Dollar FX Update February 3, 2016
USD/CAD Open: 1.3870-1.3871 Overnight Range: 1.3866-1.4103
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $30.47 and gold is at $1,128. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4055. Support is at 1.3867.
The Canadian dollar opens the day stronger, outperforming most other G10 currencies. M&A activity and firmer oil prices have been the main contributors for today’s early CAD strength. EIA oil inventories are scheduled to be released at 10:30am EST, which could impact oil prices and resultantly the Canadian dollar. Relative central bank policies have been the largest contributor to the Canadian dollar over the last week, as expectations of further rate hikes in the US during 2016 have fallen significantly. Continued convergence in monetary policy would be a boon to the Canadian dollar in the short-term.
Today’s Suggested Range USD/CAD: 1.3850 – 1.3950
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 | February 3, 2016 | Daily Update |
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