Canadian Dollar Currency Update March 31, 2015
USD/CAD Open: 1.2731-1.2733 Overnight Range: 1.2671-1.2784
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.72 and gold is at $1,186. US futures are higher. Today, the Canada releases January GDP and the US releases Case-Shiller home price data, Chicago PMI, and consumer confidence data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
The US dollar continues to gain broad based US dollar strength. Oil prices continue to fall as talks with Iran progress towards a deal. A deal with Iran could increase supply to the oil market and could continue to put pressure on oil prices, something the Canadian dollar has been correlated with. Month and quarter end flows could add to volatility from data releases today. Canadian GDP data released this morning showed the economy shrinking, as widely expected, but was slightly better than expected with a -0.1% decline vs. -0.2% expected.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 31, 2015 | Daily Update |
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