Canadian Dollar – FX Morning Update January 15, 2015 (Higher Oil Prices, Samsung Blackberry Rumors fuel CAD$ demand)
USD/CAD Open: 1.1874-1.1876 Overnight Range: 1.1801-1.1998
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.78 and gold is at $1,256. US futures are negative. Today, US weekly jobless claims are released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2001. Support is at 1.1721.
The Canadian dollar is higher today on the back of stronger oil prices. Oil prices are back near $50/bbl. US weekly jobless claims data was worse than expected this morning. The Canadian dollar remains correlated to oil prices and risk sentiment. Broad themes remain oil and commodity prices, domestic economic growth, global growth, and interest rate differentials.
Today’s Suggested Range USD/CAD: 1.1825 – 1.1925
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 15, 2015 | Daily Update |
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