Canadian Dollar Update February 4, 2015
USD/CAD Open: 1.2477-1.2479 Overnight Range: 1.2390-1.2491
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.27 and gold is at $1,268. US futures are negative. Today, ADP jobs data is released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.
Weaker than expected ADP jobs data has sapped market sentiment. Oil prices have been rallying for 2 days but are falling today. The Canadian dollar remains highly sensitive to oil prices. Oil prices are off their recent lows but still well below the $60/bbl Bank of Canada assumption. Global growth, risk sentiment, oil prices, and interest rates remain important drivers for the Canadian dollar outlook.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | February 4, 2015 | Daily Update |
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