Canadian Dollar Currency Update April 8, 2015
USD/CAD Open: 1.2419-1.2421 Overnight Range: 1.2387-1.2512
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.62 and gold is at $1,209. US futures are higher. Today, the Fed minitues are released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
The US dollar has weakened overnight. Corporate earnings season kicks off today and will be closely watched along with the Fed minutes. The Fed minutes will be closely analyzed to see if there are any clues on the timing of an interest rate hike. However, the most recent jobs report data release won’t be included in the Fed minutes so it could old news at this point. Moreover, any signs of concern over recent moderate US growth data would be negative for the US dollar.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
By Admin | April 8, 2015 | Daily Update | 0 comments