Canadian Dollar February 26, 2015 – Canadian CPI beats expectations
USD/CAD Open: 1.2477-1.2479 Overnight Range: 1.2387-1.2483
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.90 and gold is at $1,217. US futures are mixed. Today, the US releases durable goods data and weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.
US durable goods data released this morning was much better than expected. US CPI data was negative, essentially deflation, but this was largely due to falling oil prices. Weekly jobless claims was slightly worse than expected. Canadian core CPI data was slightly better than expected. The US dollar is stronger overnight, recouping some of the its recent losses vs. the Canadian dollar. The main catalysts for the Canadian dollar continue to be broad based US dollar strength, Canadian interest rate expectations, oil prices, and relative Canadian and US economic performance.
Today’s Suggested Range USD/CAD: 1.2425 – 1.2525
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 26, 2015 | Daily Update |
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