Canadian Dollar Update February 24, 2015
USD/CAD Open: 1.2620-1.2622 Overnight Range: 1.2563-1.2664
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.26 and gold is at $1,197. US futures are mixed. 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.
Broad based US dollar strength continues and the Canadian dollar remains weak. Oil prices continue to flutter around $50/bbl. All eyes are on central bank policy makers to see if they will provide any clues on interest rate timetables. Many expect the Bank of Canada to cut rates, which is Canadian dollar negative, while the FOMC is likely to raise rates, some expect as soon as June, which is US dollar positive. This has been reflected in the Canadian dollar, which is near a 2 week low.
Today’s Suggested Range USD/CAD: 1.2575 – 1.2675
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 24, 2015 | Daily Update |
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