Canadian Dollar Update March 16, 2015 – Oil Prices Hurting Canadian Dollar
USD/CAD Open: 1.2771-1.2773 Overnight Range: 1.2759-1.2818
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.33 and gold is at $1,157. US futures are positive. There are no major data releases today.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2799. Support is at 1.2341.
The Canadian dollar fell on Friday primarily driven by falling oil prices and reached a new multi year low. All eyes are on the FOMC this week, which can have a big move on USD/CAD as everyone awaits the timing of the US interest rate hike. An imminent rate hike in the US could make it an ugly summer for the Canadian dollar. Oil prices continue to fall and this is having a large impact on the Canadian dollar. US oil inventories continue to rise and oil has broken through new term lows, creating uncertainty for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.2750 – 1.2850
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 16, 2015 | Daily Update |
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