Canadian Dollar Currency Exchange Update May 21, 2015
USD/CAD Open: 1.2224-1.2226 Overnight Range: 1.2170-1.2241
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.81 and gold is at $1,202. US futures are lower. Today, the US releases weekly jobless claims data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
US weekly jobless claims data released this morning were higher than expected. However, the big picture remains that jobless claims are near a 15 year low and has been improving over time. Fed minutes basically indicated that concerns about recent weakness in the US economy would likely not cause a rate hike in June, which is what the market had expected. The question of if recent US weakness is driven by transitory factors or more permanent factors remains up for debate, but this will be key to determining when the Fed will raise interest rates.
Today’s Suggested Range USD/CAD: 1.2150 – 1.2250
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 21, 2015 | Daily Update |
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