Canadian Dollar Update January 14, 2016
USD/CAD Open: 1.4351-1.4352 Overnight Range: 1.4334-1.4397
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $30.68 and gold is at $1,084. US futures are higher premarket. There are no major domestic data releases scheduled for this week.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4437. Support is at 1.4228.
The Canadian dollar has been under pressure of late, as market participants consider the implications of $30/barrel oil. Options markets are pricing in a 25bps rate cut over the next 12 months for the Bank of Canada, with 9 of 26 Bloomberg survey respondents calling for a rate cut at this January’s meeting. The Canadian economy, and by extension, the Canadian dollar, continue to be at the mercy of low oil prices in the short-term.
Today’s Suggested Range USD/CAD: 1.4350 – 1.4450
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 14, 2016 | Daily Update |
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