Canadian Dollar FX Update October 16, 2015
FX Morning Update October 16, 2015
USD/CAD Open: 1.2901-1.2902 Overnight Range: 1.2850-1.2931
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.80 and gold is at $1,182. US futures are flat. Today,
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2961. Support is at 1.2844.
The Canadian dollar has weakened slightly this morning following yesterday’s Fed speakers Dudley and Mester. Both speakers re-affirmed the possibility of a rate hike in 2015, lending strength to the US dollar.
Although the Canadian dollar has made gains recently, the outlook for the rest of the year continues to be bearish. Low commodity prices, divergent monetary policies, and lackluster domestic data will continue to weigh on the Canadian dollar in the medium-term. Short-term, we are poised for some volatility next week, as the Canadian Federal election takes place Monday, with a rate policy decision coming from the Bank of Canada on Wednesday. CAD will likely track the broader market, as well as oil prices, leading up to next Monday’s election.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 | October 16, 2015 | Daily Update |
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