Canadian Dollar Update March 19, 2015
USD/CAD Open: 1.2712-1.2715 Overnight Range: 1.2502-1.2733
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.02 and gold is at $1,162. US futures are negative. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2890. Support is at 1.2511.
The US Federal Reserve was dovish with the monetary policy announcement yesterday indicating there is no set timetable to raise interest rates in the US and the Canadian dollar rallied sharply yesterday. Overall, the FED basically reduced interest rate expectations from 2015 to 2017 and this is a large part of why the US dollar was weaker. Today, the US dollar has retraced some of those losses. The Canadian dollar continues to be impacted by weak oil prices and this remains a key catalyst for the loonie.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 19, 2015 | Daily Update |
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