Canadian Dollar Currency Exchange FX Morning Update November 11, 2014
USD/CAD Open: 1.1368-1.1370 Overnight Range: 1.1364-1.1399
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $77.37 and gold is at $1,154. US futures are higher. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
The US dollar was able to recover some ground yesterday after the drop on Friday due to mixed US jobs data compared to strong Canadian jobs data. The momentum from the positive jobs data in Canada on Friday was not able to continue. With no major data releases today and a bank holiday, markets could be quieter. The catalyst for the Canadian dollar remains oil and commodity prices along with domestic economic growth data.
Today’s Suggested Range USD/CAD: 1.1299 – 1.1399
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 11, 2014 | Daily Update |
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