Canadian Currency Update March 27, 2015
USD/CAD Open: 1.2482-1.2484 Overnight Range: 1.2467-1.2529
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.84 and gold is at $1,201. US futures are negative. Today, revised US Q4 GDP data is released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2610. Support is at 1.2385.
US revised Q4 GDP data was weaker than expected at 2.2%. The Canadian dollar continues to be rangebound for the most part and is unable to really gather any momentum. The Bank of Canada continues to be in wait and see mode and will watch how the Canadian economy develops moving forward. The Canadian dollar continues to be impacted by broad based moves in the US dollar and oil prices.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 27, 2015 | Daily Update |
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