Canadian Dollar Update January 18, 2016
USD/CAD Open: 1.4515-1.4516 Overnight Range: 1.4486-1.4609
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $29.33 and gold is at $1,090. US equity markets are closed. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.4663. Support is at 1.4347.
The Canadian dollar is stable this morning, and likely to trade in low volume as US equity markets are closed for Martin Luther King Day. Oil prices are consolidating just above $29/barrel on news of Iran’s sanctions being lifted. The largest event for this week will be the Bank of Canada rate policy decision this Wednesday. 14 of 32 Bloomberg analysts are expecting a rate cut this Wednesday, with OIS pricing in 29bps of easing over the next 12 months. If this January’s Bank of Canada meeting is anything like last January, the Canadian dollar will be in for a busy week.
Today’s Suggested Range USD/CAD: 1.4500 – 1.4600
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 18, 2016 | Daily Update |
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