Canadian Dollar Foreign Exchange Update April 7, 2015
USD/CAD Open: 1.2515-1.2517 Overnight Range: 1.2454-1.2522
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.31 and gold is at $1,211. US futures are higher. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
The US dollar is slightly higher overnight recouping some losses from yesterday. Many are still trying to interpret the latest US jobs data report and if that would mean any delay in a potential Fed interest rate hike. Some argue the weak data will result in a delay, while others argue the pace of job growth has been robust and one data point won’t change a trend. Oil prices have also started getting slightly stronger and are above $50/bbl. The main drivers of the Canadian dollar continue to be oil prices and interest rate differentials between Canada and the US.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
By Admin | April 7, 2015 | Daily Update |
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