Canadian Dollar Morning Update October 1, 2015
FX Morning Update October 1, 2015
USD/CAD Open: 1.3269-1.3270 Overnight Range: 1.3252-1.3334
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.02 and gold is at $1,113. 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 1.3383. Support is at 1.3250.
The Canadian dollar is slightly stronger early this morning, as oil prices have shown stability of late. Commodity currencies in general are outperforming against the US dollar (AUD, NZD, NOK, CAD), as Chinese PMI data was better than expected, allowing for an uptick in FX risk appetite. The Canadian dollar will likely track the broader market tone today in the absence of domestic data, with the possibility for some turbulence in the afternoon as there will be two Fed speakers. In the medium-term, expect relative monetary policy as well as oil prices to be the main drivers for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 1, 2015 | Daily Update |
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