Canadian Dollar Update March 11, 2015
USD/CAD Open: 1.2697-1.2699 Overnight Range: 1.2664-1.2719
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.52 and gold is at $1,158. US futures are positive. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.
The US dollar remains strong supported by a strong economic growth outlook. The EUR remains weak and is approaching parity with the US dollar. The Canadian dollar continues to get hammered by broad based US dollar strength. Friday’s employment data in Canada will be an important catalyst to watch and could dictate the next move up in the US dollar if Canadian jobs data is weak. Oil inventory data is being closely watched and increasing inventories is negative for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 11, 2015 | Daily Update |
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