Canadian Dollar Update February 3, 2015
USD/CAD Open: 1.2528-1.2530 Overnight Range: 1.2501-1.2649
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.94 and gold is at $1,266. US futures are positive. Today, the US releases factory order data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.
Oil prices continue to creep higher and the loonie is benefiting. The Reserve Bank of Australia surprisingly cut interest rates to a record low. Greece and the Eurozone seem to be making progress towards a debt restructure plan. Global central banks seem to be easing while the US FED is leaning towards the opposite. The focus for the Canadian dollar remains on oil prices and the recent increase in oil prices will surely make the BoC happy.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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By Admin | February 3, 2015 | Daily Update |
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