Canadian Dollar FX Update October 30, 2015
FX Morning Update October 30, 2015
USD/CAD Open: 1.3175-1.3176 Overnight Range: 1.3125-1.3192
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.93 and gold is at $1,145. US futures are higher. Today, Canada releases GDP figures for the month of August.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3214. Support is at 1.3102.
The Canadian dollar has begun to consolidate around its 50-day moving average of 1.3182. Today, Canada released GDP figures for August, which met expectations of 0.1% MoM growth. Given the recent expectations set by the Bank of Canada, the ostensibly weak GDP figures should come as little surprise. It will take some times before the effect of a weak Canadian dollar is able to spur non-energy exports, which is the hope of the Bank of Canada. US economic data will continue to be heavily scrutinized leading up to the December Fed meeting, as international growth concerns have become less of an issue. This will continue to be a US dollar story throughout the end of the year.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | October 30, 2015 | Daily Update |
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