Canadian Dollar Currency Exchange FX Morning Update August 29, 2014
USD/CAD Open: 1.0837-1.0839 Overnight Range: 1.0827-1.0869
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.22 and gold is at $1,288. US futures are positive. Today, Canada releases GDP data. The US releases consumer spending and confidence data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
Eurozone inflation was at the lowest level in almost 5 years. Canadian GDP was better than expected this morning with 3.1% growth vs. 2.7% expected. The Canadian dollar was slightly higher on the better than expected Canadian growth story. Geopolitical tensions between Russia and the Ukraine remain. Today is also month-end and this could create some volatility.
Today’s Suggested Range USD/CAD: 1.0810 – 1.0910
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 29, 2014 | Daily Update |
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