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Canadian Dollar Currency Update May 7, 2015

USD/CAD Open: 1.2087-1.2089 Overnight Range: 1.2033-1.2097

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.77 and gold is at $1,179. US futures are lower. Today, there are no major data releases.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.

The US dollar strengthened yesterday on some risk aversion as global markets selling off due to rising yields. The Canadian dollar along with other commodity currencies is lower. US non-farm payroll data is out tomorrow and all eyes are on this data. The Fed will also be watching closely. A strong number could help cement a rate hike sooner rather than later, while a weak number could almost certainly ensure the Fed does nothing in the immediate term with respect to interest rates. The Canadian dollar continues to be closely correlated to oil prices.

Today’s Suggested Range USD/CAD: 1.2050 – 1.2150


Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

By Admin | May 7, 2015 | Daily Update | 0 comments

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