Canadian Dollar and US Dollar Update January 27, 2015
USD/CAD Open: 1.2450-1.2452 Overnight Range: 1.2429-1.2497
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $45.31 and gold is at $1,287. US futures are negative. Today, the US releases durable goods order data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2491. Support is at 1.2101.
US durable goods order data disappointed markets this morning. Recent earnings reports have also disappointed markets. Volumes could be lighter today due to the weather storm in parts of the US. The FOMC releases its policy update tomorrow, which is a key data point to watch. The focus for the Canadian dollar remains oil prices, especially because of the impact on Canada’s economy and how closely the Bank of Canada is watching oil prices. Uncertainty on the oil outlook and Bank of Canada’s future policy is not helping the loonie.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 27, 2015 | Daily Update |
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