Canadian Dollar Currency Update May 20, 2015
USD/CAD Open: 1.2214-1.2217 Overnight Range: 1.2204-1.2256
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.48 and gold is at $1,209. US futures are higher. Today, the FOMC releases its minutes.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
The Federal Reserve releases its minutes today and all eyes will be focused on if there are any clues with respect to interest rate hike timing. While Q1 data has been weaker than expected, it will be important to see if the Fed sees the weak data as transitory or more. Any signs that the Fed sees Q1 as purely transitory and due to issues such as poor weather builds a case for a September rate hike. The focus today is purely on the Fed minutes and this could cause a lot of volatility today.
Today’s Suggested Range USD/CAD: 1.2150 – 1.2250
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 20, 2015 | Daily Update |
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