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Canadian Dollar Update February 27, 2015

USD/CAD Open: 1.2477-1.2479 Overnight Range: 1.2448-1.2520

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.15 and gold is at $1,209. US futures are negative. Today, the US releases revised GDP data, Chicago PMI data, and consumer sentiment data.

The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.

US GDP growth was revised lower from 2.6% to 2.2%. US consumer spending was still strong within the GDP data. The US economy grew at 2.3% in 2012, 2.2% in 2013, and 2.4% in 2014. The US EIA reported oil inventories at their highest level in 80 year for this time of year. Month end flows could create some currency volatility today. The expectations of a Bank of Canada interest rate cut next week are significantly lower, which has boded well for the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.2425 – 1.2525

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Rahim Madhavji | Knightsbridge Foreign Exchange

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By Admin | February 27, 2015 | Daily Update | 0 comments