Canadian Dollar Update September 23, 2015
FX Morning Update September 23, 2015
USD/CAD Open: 1.3291-1.3292 Overnight Range: 1.3232-1.3297
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.45 and gold is at $1,186. US futures are higher. Today, Canada releases retail sales figures for July.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3185. Support is at 1.3353.
The US dollar continues to gain momentum early this morning. Canadian retail sales data for July was softer than expected, 0.5% MOM against expectations of 0.7%. Commodity prices are slightly softer this morning as well, both of which have pushed the Canadian dollar lower. Fed speakers have continued to echo the sentiment that rate liftoff is just around the corner. Divergent monetary policies will continue to be a central theme towards the end of 2015, as the Bank of Canada and European Central Bank consider further easing to assuage tepid economic growth. We continue to see few catalysts for the Canadian dollar, with risk in the medium term continuing to be centered around monetary policy, oil, and the impending Canadian election.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | September 23, 2015 | Daily Update |
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