Canadian Dollar Currency Exchange Update March 30, 2015
USD/CAD Open: 1.2655-1.2657 Overnight Range: 1.2595-1.2665
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.84 and gold is at $1,185. US futures are higher. Today, the US releases core inflation and consumer spending data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
The US dollar is higher on broad based US dollar strength. Falling oil prices are also weighing on the Canadian dollar. Overnight, China continued to indicate it would stimulate the economy to boost demand. The US FED has indicated it is closely watching consumer prices and wage growth along with economic data. A nuclear deal with Iran could cause a further decline in oil prices. For the Canadian dollar, the key focus remains the US FED and oil prices.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 30, 2015 | Daily Update |
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