Canadian Dollar Update September 24, 2019 – Canadian Dollar going nowhere
USD/CAD Open: 1.3263-1.3264 Overnight Range: 1.3244-1.3274
Oil is at $57.57 and gold is at $1,530.70. US markets are mixed today.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3285. Support is at 1.3231.
The Canadian dollar is going nowhere-at least for the time being. The currency opened in Toronto virtually unchanged from Tuesday’s closing level after an uneventful overnight trading session. It was a similar story for the bulk of the G-10 major currency pairs. Fortunately, Sterling injected some excitement, but not until just before Toronto started trading.
Canadian dollar traders do not have any actionable economic data available for the rest of the week, leaving the currency pair vulnerable to offshore influences. President Trump addresses the United Nations today. The European Union Court decision about the EU’s €13 billion tax claim against Apple is also on tap. A favorable ruling for Apple would boost its stock price and drag other technology stocks higher in the process.
GBPUSD spiked to 1.2488 from 1.2444 after a headline flashed “UK Supreme Court rules that Boris Johnson’s suspension of Parliament was illegal.” Prices have since bounced between 1.2444 and 1.2472. Several opposition party leaders are demanding Prime Minister Johnson resign. The ruling doesn’t change the fact that the EU needs to approve any new requests for a Brexit deadline extension or the lack of an alternative to the rejected Irish border backstop.
Bank of Japan Governor provided a dose of weak verbal intervention in USDJPY. According to Reuters, Governor Kuroda said: “As risks regarding overseas economy are heightening, we need to be increasingly vigilant to the chance the overseas slowdown could affect Japan’s economy and inflation.” The comments and modestly firmer US treasury yields underpinned USDJPY.
AUDUSD traded firmer, supported by signs that US/China trade negotiations are progressing. China issued new waivers to domestic companies allowing for tariff-free US soybean purchases.
Today’s US economic data includes Case-Shiller Home Price Index and Consumer Confidence.
Today’s Suggested Range USD/CAD: 1.3210 – 1.3310
By Admin | September 24, 2019 | Daily Update |
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