Canadian Dollar Currency Update May 26, 2015
USD/CAD Open: 1.2389-1.2391 Overnight Range: 1.2304-1.2396
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.39 and gold is at $1,187. US futures are lower. Today, the United States releases data regarding consumer confidence and durable goods data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2420. Support is at 1.2305.
The US dollar continues to strengthen broadly, buoyed by steady comments from both Fed Chair Yellen and Vice Chair Fischer. Fischer is set to deliver a speech this afternoon commenting on the current state of the Fed and the global economy. All eyes will be on US data releases today, as strong figures could lead to further appreciation of the US dollar. Additionally, Friday’s 2015 Q1 GDP releases from both Canada and the United States could catalyze some volatility in the short-term. The Bank of Canada will release its latest policy-rate decision tomorrow, and it is expected that Governor Poloz will continue to maintain a cautious and neutral outlook.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
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 26, 2015 | Daily Update |
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