Canadian Dollar Update August 14, 2015
USD/CAD Open: 1.3072-1.3073 Overnight Range: 1.3031-1.3084
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.21 and gold is at $1,116. 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 1.3096. Support is at 1.2965.
The Canadian dollar continues to trade in a narrow range late this week. Oil continues to crawl towards $40/barrel. The Canadian dollar has been resistant to lower oil prices this week, somewhat surprisingly, indicating that relative policy will remain its main driver in the short-term. Risk from China and Greece have largely subsided, with markets looking mostly towards US data releases to ascertain the timing of a Fed rate hike. US PPI figures were strong this morning, rising 0.2% against expectations of 0.1%. Industrial production data as well as University of Michigan consumer sentiment could be market-movers later in the day, given the Fed’s data dependent approach to policy normalization. The Canadian dollar continues to lack catalysts and US policy is the main focus in the near term.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 | August 14, 2015 | Daily Update |
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