Canadian Dollar FX Update January 29, 2015
USD/CAD Open: 1.4049-1.4050 Overnight Range: 1.3967-1.4087
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $33.65 and gold is at $1,115. US futures are higher. Today, Canada releases GDP figures for November.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4145. Support is at 1.3970.
The Canadian dollar has continued to find support late in the week, breaking the 1.40 barrier overnight, on the news of Japan introducing negative interest rates. CAD has since retraced, following oil prices. Oil prices continue to be the main factor influencing the Canadian dollar, as the two have moved in lockstep as of late. Canadian GDP figures for November were in line with expectations, posting growth of 0.3%. While still tepid, the growth is a positive for a Canadian economy that struggled through a technical recession in 2015. The Canadian dollar’s main driver in the short-term will continue to be oil prices, as well as broader risk appetite in the FX space.
Today’s Suggested Range USD/CAD: 1.4000 – 1.4100
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | January 29, 2016 | Daily Update |
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