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Canadian Dollar Update February 25, 2015 – Bank of Canada’s Poloz Helps Loonie

USD/CAD Open: 1.2412-1.2422 Overnight Range: 1.2401-1.2498

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.62 and gold is at $1,207. 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.

In a volatile day yesterday, the Canadian dollar shot higher with Chairwoman Yellen speaking and leaving it open that US rates may not rise in June and Bank of Canada’s Poloz essentially indicating that they a March interest rate cut is unlikely. The Bank of Canada’s Poloz essentially indicated it’s in wait and see mode before deciding the next step. This has helped the Canadian dollar gain strength.

Today’s Suggested Range USD/CAD: 1.2375 – 1.2475

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Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 25, 2015 | Daily Update | 0 comments