Canadian Dollar Update May 12, 2015
USD/CAD Open: 1.2035-1.2037 Overnight Range: 1.2024-1.2108
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.06 and gold is at $1,193. US futures are lower. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2490. Support is at 1.1980.
The US dollar remains weak based on broad based weakness. Global yields have started to rise reflecting the possibility of inflation creeping up vs. previous views of global deflation. Oil is back up near $60/bbl and the Canadian dollar is benefiting. Look for USD/CAD to be rangebound, likely following oil prices directionally for the most part, with no major data releases.
Today’s Suggested Range USD/CAD: 1.2000 – 1.2099
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | May 12, 2015 | Daily Update |
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