Canadian Dollar Update March 9, 2015 – US Dollar Strong on Back of Jobs Data
USD/CAD Open: 1.2604-1.2606 Overnight Range: 1.2570-1.2627
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.28 and gold is at $1,171. 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 has rallied on the back of strong jobs data released on Friday. US yields are higher and the US dollar has rallied on the basis that strong employment data will push the FED to raise rates sooner rather than later. Greece default concerns linger in the background helping the US dollar as a safe haven currency. USD/CAD has been ranging from 1.23 to 1.27 and the US dollar continues to move towards the upper end of the band. The Canadian dollar continues to be impacted by oil prices, divergent economic data, and interest rate expectations.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
www.knightsbridgefx.com
By Admin | March 9, 2015 | Daily Update |
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