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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

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 | October 29, 2015 | Daily Update | 0 comments

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