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Canadian Currency Update March 26, 2015

USD/CAD Open: 1.2444-1.2446 Overnight Range: 1.2410-1.2533

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.71 and gold is at $1,205. US futures are lower. Today, the US releases weekly jobless claims data.

The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2610. Support is at 1.2385.

The Canadian dollar is higher as oil prices started to climb due to tensions in the Middle East with Saudi Arabia and Yemen. US weekly jobless claims data was better than expected. Broad based US dollar weakness persists. Governor Poloz from the Bank of Canada has a speech today and any commentary on the oil or interest rate outlook could create volatility in the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.2400 – 1.2500

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Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 26, 2015 | Daily Update | 0 comments