Canadian Dollar FX Update October 26, 2015
FX Morning Update October 26, 2015
USD/CAD Open: 1.3146-1.3147 Overnight Range: 1.3130-1.3184
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.34 and gold is at $1,166. US futures are flat. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3215. Support is at 1.3054.
The Canadian dollar is quiet early in the week, as this week is scheduled to be light on domestic data releases. This week’s main event will be Wednesday’s FOMC meeting. As there is no press conference scheduled after October’s FOMC meeting, it’s widely expected that the Fed will be less likely to raise rates, but several FOMC officials have said that the lack of press conference wouldn’t be a deterrent to a rate hike.
On balance, global economic headwinds appear to be stronger than previously expected, as evidenced by China’s most recent rate cut, as well as the ECB’s willingness to make further easing accommodations throughout 2015. Most of the same concerns raised in the September FOMC meeting are still relevant in October, making sentiment important as always. Oil prices, relative monetary policy, and broader market tone will continue to be the main medium-term drivers for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 26, 2015 | Daily Update |
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