Canadian Dollar Morning Update February 1, 2016
USD/CAD Open: 1.4010-1.4011 Overnight Range: 1.3964-1.4062
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $32.51 and gold is at $1,122. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4120. Support is at 1.3978.
The Canadian dollar begins the week trading in the tight range of late last week. Disappointing Chinese PMI data has left global stocks lower, but has had a muted effect on the CNY. This week will be quiet for Canadian data releases, with the exception of Friday’s trade and employment data. During the week the focus for the Canadian dollar will be on oil prices, as well as the broader market tone. Oil has been better supported above $30/barrel as of late. The Loonie continues to fly into the headwinds created by low oil prices and global growth concerns.
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
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 | February 1, 2016 | Daily Update |
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