Canadian Dollar Currency Update April 9, 2015
USD/CAD Open: 1.2544-1.2546 Overnight Range: 1.2508-1.2580
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.19 and gold is at $1,196. US futures are lower. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
Fed minutes showed that the timing of the first interest rate hike is still up in the air as members are split. Several members of the Fed supported a June interest rate hike, while others supported a later hike due to falling oil and a strong US dollar keeping inflation under control. The impending Fed hike is the biggest short term catalyst for the US dollar. It seems like a fall rate hike is more likely. All eyes are on tomorrow’s job numbers in Canada and a poor number could restart the US dollar uptrend.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
By Admin | April 9, 2015 | Daily Update |
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