USD/CAD Open: 1.1463-1.1465 Overnight Range: 1.1432-1.1478
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.31 and gold is at $1,229. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.1329.
US futures are lower. A cautious tone lurks. OPEC lowered its forecast for oil demand in 2015. The Canadian dollar is see-sawing trying to find its direction. Weak oil prices continue to drag on the Canadian dollar. With no major data releases today, look for the Canadian dollar to follow market sentiment directionally.
Today’s Suggested Range USD/CAD: 1.1390 – 1.1490
Rahim Madhavji | Knightsbridge Foreign Exchange
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