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Canadian Dollar Update February 12, 2015

USD/CAD Open: 1.2561-1.2563 Overnight Range: 1.2526-1.2646

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at 49.83 and gold is at $1,235. US futures are positive. Today, US retail sales data is released.

The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.

Oil prices and equities are higher on the back of an announced cease-fire deal between Russia and Ukraine. Higher oil prices today is helping the Canadian dollar. However, Greece debt talks are still ongoing. US retail sales were down, primarily due to lower gas prices. Excluding gas, retail sales were flat. The Canadian dollar continues to be correlated to oil prices directionally.

Today’s Suggested Range USD/CAD: 1.2500 – 1.2600

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Rahim Madhavji | Knightsbridge Foreign Exchange

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By Admin | February 12, 2015 | Daily Update | 0 comments