FX Morning Update September 22, 2015
FX Morning Update September 22, 2015
USD/CAD Open: 1.3282-1.3283 Overnight Range: 1.3218-1.3291
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.41 and gold is at $1,130. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3307. Support is at 1.3207.
The US dollar continued to climb higher yesterday, moving closer towards the upper-bound range of the last decade. The US dollar made broad gains on the heels of post-September FOMC meeting speakers, as FOMC members Lockhart, Williams, and Bullard all implied that the decision to hold rates in September was an extremely close one. By extension, a 2015 rate hike remains very much a possibility. It’s a light day for data in North America, so assuming relatively stable oil prices; the Canadian dollar will likely track the broader market. With divergent monetary policies between Canada and the United States becoming increasingly salient towards the end of 2015, and oil prices showing no signs of a recovery in the short-medium term, the Canadian dollar continues to lack a catalyst.
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
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 22, 2015 | Daily Update |
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