Canadian Currency Update March 25, 2015
USD/CAD Open: 1.2480-1.2482 Overnight Range: 1.2472-1.2522
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.21 and gold is at $1,193. US futures are mixed. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2890. Support is at 1.2511.
The Canadian dollar is rangebound and is driven by broad based US dollar movements. The key catalysts for the Canadian dollar are oil prices and the US FED. Oil inventory data will be closely watched. With no major data releases today, look for the Canadian dollar to follow oil prices directionally and take direction from US dollar movements. It’s only a matter of time before the US FED raises interest rates and the divergent interest rate spreads between Canada and the US will be a big weight on the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 25, 2015 | Daily Update |
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