Canadian Dollar FX Morning Update March 23, 2015
FX Morning Update March 23, 2015
USD/CAD Open: 1.2556-1.2567 Overnight Range: 1.2534-1.2616
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.88 and gold is at $1,182. US futures are mixed. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2890. Support is at 1.2511.
Canadian dollar seems rangebound and looking for a catalyst. Oil prices and central bank policy seem to be the main drivers of the Canadian dollar. For the most part, it continues to be a US dollar story. The Canadian dollar is stronger than it was at the beginning of last week and much of this has been due to the weakening of the US dollar post FED policy update. Any signs of moderation in the US economy in the short term will be a boost for the Canadian dollar as it will give the Canadian economy and oil prices some time to catch up.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 23, 2015 | Daily Update |
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