Canadian Currency Update March 24, 2015
USD/CAD Open: 1.2467-1.2469 Overnight Range: 1.2427-1.2547
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.21 and gold is at $1,193. US futures are positive. Today, the US releases inflation data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2890. Support is at 1.2511.
Canadian dollar continues to rally on broad based US dollar weakness. Oil prices continue to creep higher. US inflation data has started to creep higher. Chinese data reported overnight was weak, but German data was positive. The US dollar seems to be entering a period of softness as many try to guess when the FED will start to raise interest rates in the US. Data releases will be closely watched as any signs of US economic growth moderation will be a negative for the US dollar.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 24, 2015 | Daily Update |
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