Canadian Dollar Update February 23, 2015
USD/CAD Open: 1.2590-1.2592 Overnight Range: 1.2522-1.2624
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.91 and gold is at $1,201. US futures are negative. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.
The Canadian dollar remains weak. Poor retail sales numbers in Canada combined with falling oil prices and a broad based stronger US dollar has the Canadian dollar weaker. There is some uncertainty with respect to the Canadian economy and the fallout from falling oil prices is still trickling through. It could get worse before it gets better for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 23, 2015 | Daily Update |
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