Canadian Dollar FX Update January 11, 2016
USD/CAD Open: 1.4085-1.4086 Overnight Range: 1.4064-1.4189
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $32.83 and gold is at $1,101. 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 1.4173. Support is at 1.4044.
FX markets appear to have increased risk appetite early this week, as commodity currencies like CAD and AUD are outperforming in the G10 space. Oil prices remain the primary risk for the Canadian dollar, as they remain precariously low, at levels just slightly above last Thursday’s fresh multi-year lows.
Domestic risk should be relatively muted, with the main events of the day being the Bank of Canada’s release of Business Outlook Future Sales, along with a speech from Finance Minister Moreneau. Today’s Business Outlook report from the BoC should provide further insight as to what we can expect at this January’s meeting. Given the fireworks from last January’s surprise rate cut, this BoC policy meeting will be watched with interest.
Today’s Suggested Range USD/CAD: 1.4050 – 1.4150
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 | January 11, 2016 | Daily Update |
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