Canadian Dollar Currency Exchange FX Morning Update October 23, 2014
USD/CAD Open: 1.1228-1.1230 Overnight Range: 1.1207-1.1265
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $81.16 and gold is at $1,234. US futures are positive. Today, weekly jobless claims are released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
Data from Eurozone overnight on mfg. was positive. The Canadian dollar continues to be impacted by views of global growth, interest rates, commodities, and domestic economic data. If oil prices fall significantly, this could be severely Canadian dollar negative as much of Canada’s economy is resource dependent. That being said, US growth will continue to be a catalyst for oil demand in Canada.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1299
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 23, 2014 | Daily Update |
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