Canadian Dollar Update February 25, 2016
USD/CAD Open: 1.3609-1.3610 Overnight Range: 1.3605-1.3736
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $32.15 and gold is at $1,235. US futures are flat. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3787. Support is at 1.3539.
In the absence of domestic data releases, the Canadian dollar has tracked the broader market to rise to levels near the top of its recent range. CAD is approaching multi-year highs against the GBP, as Brexit fears continue to soften the pound. Underpinning recent CAD strength is firmer oil prices. There will be no domestic data releases in Canada until the beginning of next week, so the Canadian dollar looks poised to continue to follow its key drivers of oil prices and relative monetary policy towards the end of the month. In March, the focus will remain on central bank sentiment, as well as the federal budget.
Today’s Suggested Range USD/CAD: 1.3550 – 1.3650
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | February 25, 2016 | Daily Update |
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