Canadian Dollar Morning Update January 21, 2016
USD/CAD Open: 1.4407-1.4408 Overnight Range: 1.4405-1.4541
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $28.27 and gold is at $1,097. 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 1.4615. Support is at 1.4375.
In the wake of yesterday’s rate hold by the Bank of Canada, the Canadian dollar is better supported this morning. Steady monetary policy has been a boon to the Canadian dollar, as the Bank of Canada has taken a wait-and-see approach to the beginning of 2016. It’s expected that fiscal policy will impact BoC monetary policy more heavily in 2016, as Finance Minister Morneau and the Liberal government look to release a stimulus budget. Over the next few days we’ll see whether CAD will be able to sustain the momentum gained yesterday.
Today’s Suggested Range USD/CAD: 1.4400 – 1.4500
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 21, 2016 | Daily Update |
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