Canadian Dollar US Dollar FX Morning Update January 20, 2015
USD/CAD Open: 1.2025-1.2027 Overnight Range: 1.1930-1.2035
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $47.11 and gold is at $1,285. US futures are higher.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2091. Support is at 1.1721.
China’s GDP data released overnight beat expectations. The ECB is expected to launch some sort of quantitative easing this week. The IMF has cut global growth forecasts and the Canadian dollar is weaker. USD/CAD has broken back above 1.20. All eyes are on the Bank of Canada’s meeting tomorrow and their view of growth, inflation, and interest rates.
Today’s Suggested Range USD/CAD: 1.1950 – 1.2050
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 20, 2015 | Daily Update |
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