Canadian Dollar Morning Update September 24, 2015
FX Morning Update September 24, 2015
USD/CAD Open: 1.3406-1.3407 Overnight Range: 1.3306-1.3417
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.93 and gold is at $1,136. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3469. Support is at 1.3232.
The US dollar has made fresh 11-year highs, pushing the USD/CAD over 1.3400. In a light week for data, yesterday’s disappointing retail sales factored into the Canadian dollar’s drop. The other factor in the Canadian dollars decent was oil prices, as oil continues to be volatile, falling 4.1% yesterday. Oil prices are again lower this morning, as weak oil prices have plagued the Canadian dollar throughout 2015.
By all accounts, Fed speakers have been hawkish on the inflation outlook for the US since last week’s FOMC meeting. Vice-Chair Fischer recently spoke optimistically about the inflation outlook, and it’s unlikely we would see Chairwoman Yellen express a divergent sentiment when she speaks today. Expect further hawkishness from the Fed in the short-term as they look to prime markets for an impending rate hike in 2015. Relative monetary policy as well as oil prices will continue to be the main drivers of the Canadian dollar for the rest of 2015.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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 | September 24, 2015 | Daily Update |
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