Canadian Dollar Update March 5, 2015
USD/CAD Open: 1.2455-1.2456 Overnight Range: 1.2406-1.2469
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.68 and gold is at $1,203. 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 Bank of Canada made no change to interest rates yesterday. The tone was much different than the previous policy announcement. The Bank of Canada provided no real forward guidance and seems to be taking a wait and see approach. Future interest rate cuts will be data dependent and oil prices and Canadian economic data will be closely watched. It will be important to watch how fallen oil prices trickle through to the rest of the Canadian economy. The US dollar has had broad based strength and a strong jobs report this Friday could keep the US dollar momentum going.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 5, 2015 | Daily Update |
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