Canadian Dollar Update February 2, 2015
USD/CAD Open: 1.2628-1.2630 Overnight Range: 1.2624-1.2773
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.55 and gold is at $1,273. US futures are positive. Today, the US releases consumer spending and PMI Mfg. data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2611.
The Canadian dollar is higher overnight on rising oil prices. Oil prices rose on Friday as there was a large drop in the count of US oil rigs. Overnight, data from Chinese manufacturing was negative. The Canadian dollar is highly sensitive to oil prices and the Bank of Canada. A rise in oil prices reduces the probability of a future rate cut by the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 2, 2015 | Daily Update |
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