Canadian Dollar Update January 26, 2016
USD/CAD Open: 1.4146-1.4147 Overnight Range: 1.4141-1.4326
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $30.71 and gold is at $1,114. 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 1.4309. Support is at 1.4101.
The Canadian dollar is stronger this morning, responding positively to cooperative comments from key officials in Iraq and Kuwait pertinent to oil. With limited domestic releases ahead of Friday’s GDP release, short-term Canadian dollar movement will be determined largely by oil prices, broader market sentiment, and the Fed. A 2016 rally in the Canadian dollar will be contingent on a rebound in oil prices. Moving forward, positive news surrounding oil prices will buoy the Canadian dollar. The Loonie will be keeping a close eye on crude.
Today’s Suggested Range USD/CAD: 1.4100 – 1.4200
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 26, 2016 | Daily Update |
0 comments