Canadian Dollar Currency Exchange Update May 25, 2015
USD/CAD Open: 1.2292-1.2294 Overnight Range: 1.2275-1.2306
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.32 and gold is at $1,204. US futures are closed for holidays. There are no major data releases today.
The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.2349. Support is at 1.2200
The Canadian Dollar saw little movement over the weekend, trading closely to last Friday’s levels. A holiday in the US will make this a relatively quiet day. This upcoming Friday, both Canada and the United States will release GDP figures for Q1 of 2015. As the Fed continues to look towards a data-driven path to policy normalization, these figures should feature prominently in determining the timeline for interest rate raises. In Canada, Governor Poloz has already expressed a bearish sentiment towards the upcoming Q1 GDP figures, saying they would look “atrocious”. With the Bank of Canada set to release its latest policy-rate decision this Wednesday, it’s expected that the BoC will maintain its wait-and-see approach, making a change in rates unlikely and may maintain a cautious but somewhat neutral outlook.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
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 25, 2015 | Daily Update |
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