Canadian Dollar Update October 29, 2015
FX Morning Update October 29, 2015
USD/CAD Open: 1.3213-1.3214 Overnight Range: 1.3185-1.3238
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.38 and gold is at $1,154. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3303. Support is at 1.3113.
The Canadian dollar is mixed this morning, after yesterday proved to be volatile. The FOMC decided to hold rates yesterday, as widely expected. The sentiment surrounding global economic growth issues was more positive than September’s outlook, giving the impression that the FOMC is satisfied with the willingness of both the PBOC and ECB to address economic growth concerns with stimulus.
Today’s Q3 GDP for the United States missed, slightly, with growth figures measuring 1.5% against expectations of 1.6%. As the Fed has shown more comfort with the global economic picture, domestic economic developments will become the primary focus of policymakers moving towards December’s meeting. In the meantime, the Canadian dollar will continue to be driven primarily by relative monetary policy, oil prices, and broader market risk appetite.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | October 29, 2015 | Daily Update | 0 comments