Canadian Dollar Currency Exchange Update February 19, 2015
USD/CAD Open: 1.2527-1.2529 Overnight Range: 1.2436-1.2558
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.07 and gold is at $1,216. 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 1.2560. Support is at 1.2341.
Oil prices have fallen almost 4% and the Canadian dollar is weaker. Oversupply concerns with oil continue with a recent data release showing a large jump in US oil supplies. Jobless claims data released in the US were positive with the number of jobless claims continuing to show the US labor market is robust. Greece submitted a loan extension request and Germany quickly rejected it. The FOMC indicated yesterday they remain data dependent. Canadian dollar bears are watching for a robust US economy and labor market that will push the FOMC to raise rates sooner rather than later along with continued turmoil in oil prices. Canadian dollar bulls are hoping for oil prices to strengthen and the Canadian economy to show pockets of strength despite low oil prices.
Today’s Suggested Range USD/CAD: 1.2470 – 1.2570
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 19, 2015 | Daily Update |
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