Canadian Dollar Currency Update April 14, 2015 – Weak US Retail Sales Data Boosts Canadian Dollar
USD/CAD Open: 1.2575-1.2577 Overnight Range: 1.2560-1.2603
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.63 and gold is at $1,196. US futures are lower. Today, the US releases retail sales data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
The Canadian dollar has shot higher this morning after US retail sales data missed expectations. A miss in expectations only helps the Fed take a little bit longer to consider raising interest rates, which bodes well for the loonie. For the Fed to consider raising interest rates in June, US economic data will need to come in pretty strong moving forward. This underperforming US retail sales data does not help the cause for an interest rate hike.
Moreover, the IMF released a report on cutting the US growth rate forecast for this year by a half-point. The Canadian dollar continues to be impacted by interest rate expectations in Canada and the US and oil and commodity prices. USD/CAD has been rangebound for the most part between 1.23 and 1.28, looking for direction, and expect this to continue until economic data sets the course.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
By Admin | April 14, 2015 | Daily Update | 0 comments