Canadian Dollar Update March 12, 2015
USD/CAD Open: 1.2643-1.2646 Overnight Range: 1.2616-1.2769
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.25 and gold is at $1,157. US futures are positive. Today, the US releases retail sales data and weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2660. Support is at 1.2341.
US retail sales data released this morning was weaker than expected in the US, weather was deemed to be an influencing factor. Weekly jobless claims reported this morning were better than expected indicating a strong labor market in the US. The US dollar has cooled off a bit from yesterday’s rally. The main catalysts for the Canadian dollar continue to be interest rates, economic data, and oil prices. All eyes are on the Canadian jobs data tomorrow, a very weak report would send the Canadian dollar in a freefall at potentially to a new near-term low.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 12, 2015 | Daily Update |
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