Canadian Dollar Currency Exchange Update May 11, 2015
FX Morning Update May 11, 2015
USD/CAD Open: 1.2106-1.2109 Overnight Range: 1.2080-1.2145
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.56 and gold is at $1,190. US futures are higher. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
Overnight, China cut interest rates to stimulate its economy. Greece’s debt problems are starting to get back in the headlines. US jobs data released Friday indicated the US economy is doing well but it may not have been strong enough to be a catalyst for the Federal Reserve to hike interest rates sooner rather than later. Canadians jobs data was not positive, highlighting the economic divergence between Canada and the US. It’s hard to see the Canadian dollar rally in the context of a murky economic outlook.
Today’s Suggested Range USD/CAD: 1.2050 – 1.2150
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | May 11, 2015 | Daily Update |
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