Canadian Dollar Currency Exchange Update May 6, 2015
USD/CAD Open: 1.2005-1.2007 Overnight Range: 1.1983-1.2088
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.94 and gold is at $1,195. US futures are higher. Today, there are no major data releases.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
Oil prices continue to move higher and is near $62/bbl, one of the highest levels in the last five months. The US dollar is facing some broad based weakness. All eyes continue to be on the non-farm payroll data to be released on Friday, which will help set the tone on if the FED will raise rates sooner rather than later. A weak data point could continue to boost the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1950 – 1.2050
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
By Admin | May 6, 2015 | Daily Update |
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