Canadian Dollar Currency Update May 14, 2015
USD/CAD Open: 1.1946-1.1948 Overnight Range: 1.1919-1.1971
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.18 and gold is at $1,216. US futures are higher. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
Poor retail sales data yesterday had the US dollar broadly lower as it hurts the case for a US Fed rate hike. US weekly jobless claims data was reported better than expected this morning. US weekly jobless claims remains near a 15 year low. The US dollar has had broad based weakness and the Canadian dollar is benefiting. Look for USD/CAD to be rangebound and the Canadian dollar to be driven by oil prices and reacting to US dollar movements.
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 14, 2015 | Daily Update |
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