Canadian Dollar Update March 3, 2015 – Strong GDP Data Boosts Loonie
USD/CAD Open: 1.2525-1.2527 Overnight Range: 1.2476-1.2543
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.84 and gold is at $1,211. US futures are negative. Today, Canada releases GDP data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.
Canadian GDP data was released this morning and it surprised to the upside. The Canadian dollar has shot higher on the back of the strong GDP report in Canada. Expectations of 2% growth were surpassed with data coming in at 2.4% growth. While some of the trickledown effect of falling oil prices is to be expected, this growth data is a strong positive for the Canadian dollar at this time. If the Canadian economy could weather the storm of falling oil, look for the Canadian dollar to make a strong comeback in the latter half of the year.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 3, 2015 | Daily Update |
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