Canadian Dollar Currency Exchange FX Morning Update October 9, 2014
USD/CAD Open: 1.1115-1.1117 Overnight Range: 1.1081-1.1125
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $86.77 and gold is at $1,227. US futures are negative. Today, the US releases weekly jobless claims data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.
The US dollar tanked yesterday after the FOMC minutes were released. The strong US dollar was mentioned in the minutes as a potential headwind along with global growth expectations. With the FOMC minutes mentioning the US dollar strength, this could provide an interim ceiling on US dollar strength.
Today’s Suggested Range USD/CAD: 1.1075 – 1.1175
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 9, 2014 | Daily Update |
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