Canadian Dollar Update February 17, 2015
USD/CAD Open: 1.2378-1.2379 Overnight Range: 1.2363-1.2475
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.82 and gold is at $1,223. US futures are mixed. Today, the US releases empire state mfg. data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.
Talks between Greece and the Eurozone came to a standstill and no deal has been reached in the debt talks. It’s like a game of chicken. Greece needs funds to balance its books and is essentially threatening to default. Oil prices have been steadier of late and the market is closely watching oil rig count and stockpile data. The Canadian dollar is higher on the back of stronger and steadier oil prices. All eyes are on the FED minutes this week, with any indication of a rate hike sooner rather than later would boost the US dollar.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 17, 2015 | Daily Update |
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