FX Morning Update September 16, 2015
USD/CAD Open: 1.3214-1.3215 Overnight Range: 1.3204-1.3260
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.60 and gold is at $1,112. US futures are flat. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3273. Support is at 1.3212.
As the US FOMC September meeting begins today, trading in FX will likely be subdued. The Canadian dollar has traded in an extremely narrow range early this week, and this range is likely to persist for the remainder of the day as markets await tomorrow’s rate policy decision from the Fed. Markets remain extremely uncertain as to whether a rate hike will take place tomorrow. US CPI for the month of August was down 0.1% MOM, largely due to lower gas prices. The inflation picture in the US remains low, which makes a rate hike less urgent. BoC Deputy Governor Cote will deliver a speech today, which in the case of extreme dovishness could hurt the Canadian dollar. Tomorrow has the potential for high volatility, which serves as a short-term risk for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.3175 – 1.3275
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 | September 16, 2015 | Daily Update |
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