Canadian Dollar Update March 10, 2015
USD/CAD Open: 1.2621-1.2623 Overnight Range: 1.2595-1.2683
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.07 and gold is at $1,167. 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 1.2683. Support is at 1.2341.
The thought of a US interest rate hike has the US dollar rallying. In simple terms, the US economy is doing well and future inflation will need to be contained. A US interest rate hike is inevitable, but the question remains as to when. The divergence in the Canadian and US economies has the Canadian dollar weaker. With no major data releases today, look for the Canadian dollar to remain rangebound.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 10, 2015 | Daily Update |
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