Canadian Dollar Currency Update May 13, 2015
USD/CAD Open: 1.1940-1.1942 Overnight Range: 1.1940-1.2029
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.34 and gold is at $1,204. US futures are higher. Today, the US releases retail sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
The US dollar is weaker as US retail sales were below expectations. The weak retail sales data only adds to the headlines that this may help the Fed kick the can down the road in terms of raising interest rates. Weak retail sales data is a catalyst for US dollar weakness as it increases the probability the Fed will take more time before raising interest rates. There was also some weakness in US export prices. Oil prices have also started to creep higher. The weak data releases today will have the Canadian dollar rallying as a result of broad based US dollar weakness.
Today’s Suggested Range USD/CAD: 1.1900 – 1.2000
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | May 13, 2015 | Daily Update |
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