Canadian Dollar Currency Exchange Update May 15, 2015
USD/CAD Open: 1.2033-1.2035 Overnight Range: 1.1979-1.2046
KnightsbridgeFX was on BNN TV yesterday discussing the Canadian and US dollar outlook: http://www.bnn.ca/Video/player.aspx?vid=614087
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.58 and gold is at $1,215. US futures are higher. Today, the US releases Empire State Manufacturing index.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
The US dollar has started to gain some strength. The Canadian dollar has weakened as have oil prices. The Canadian dollar has a high correlation to changes in oil prices recently. Commodities are broadly weaker as well. The focus remains on determining the growth outlook for the US economy as that will determine Fed interest rate hike timing. Expectations for a US Fed rate hike continue to get pushed out with some indicating December to early next year. Look for USD/CAD to be rangebound today.
Today’s Suggested Range USD/CAD: 1.2000 – 1.2100
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 15, 2015 | Daily Update | 0 comments