Canadian Dollar Currency Update April 29, 2015
USD/CAD Open: 1.2010-1.2012 Overnight Range: 1.1988-1.2074
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.84 and gold is at $1,208. US futures are negative. Today, US GDP data is released and the FOMC provides a policy update.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
US GDP data grew by 0.2% annually, well below expectations. Poor growth in the US was driven by poor weather, decreased energy investments due to falling oil, and a strong US dollar which impacted US exports. The most recent US GDP data release is US dollar negative. The focus now is on the FOMC. Economic growth has clearly moderated and it seems the FOMC could take a cautious approach towards any interest rate hike timeline. The Canadian dollar has been rising over the last few weeks based on these themes and expect the themes to remain intact until US data starts to perform better.
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 | April 29, 2015 | Daily Update |
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