Canadian Dollar Morning FX Update January 19, 2016
USD/CAD Open: 1.4494-1.4495 Overnight Range: 1.4431-1.4565
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $29.57 and gold is at $1,086. 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 1.4602. Support is at 1.4374.
The Canadian dollar is stronger this morning, as risk appetite is strong in FX markets. Chinese GDP figures were better than expected, benefitting commodity currencies like CAD, AUD, and NOK. Risk-on trading could give the Canadian dollar some momentum leading into tomorrow’s Bank of Canada meeting. In projections from October, the Bank of Canada had assumed oil prices would be $45/barrel. Since oil prices already less than two-thirds of that figure, we could see a more dovish tone from the Bank of Canada. A rate cut remains possible tomorrow, but the bias amongst analysts is still towards a hold.
Today’s Suggested Range USD/CAD: 1.4450 – 1.4550
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 19, 2016 | Daily Update |
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