Canadian Dollar Update April 6, 2015
USD/CAD Open: 1.2455-1.2458 Overnight Range: 1.2442-1.2497
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.29 and gold is at $1,220. US futures are lower. Today, ISM non-mfg data is released in the US.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2795. Support is at 1.2385.
US jobs data released on Friday was weaker than expected and this sentiment is carrying forward today with broad based US dollar weakness. With the weak jobs data out of the US, this could delay the Fed in raising interest rates and kicking the can forward just a little bit longer, which is Canadian dollar positive. Oil has moved a little bit higher, which is also Canadian dollar positive. The main catalysts for the Canadian dollar remain oil prices, divergent economic data, and Bank of Canada policy.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
By Admin | April 6, 2015 | Daily Update |
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