Canadian Dollar Currency Update April 1, 2015
FX Morning Update April 1, 2015
USD/CAD Open: 1.2655-1.2657 Overnight Range: 1.2636-1.2710
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.76 and gold is at $1,192. US futures are lower. Today, the US released ADP jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
US ADP jobs data released this morning was slightly weaker than expected. Commodities remain weak. All eyes remain on Friday’s job data where a weak number could create more room for the FED to delay an interest rate hike, while a strong report could make a June interest rate hike more likely. Talks with Iran continue and a deal could create lower oil prices with more supply in the market. The Canadian dollar remains rangebound and look for it remain influenced by oil prices and broad based US dollar movements.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | April 1, 2015 | Daily Update |
0 comments