Canadian Dollar Currency Exchange FX Morning Update October 1, 2014
USD/CAD Open: 1.1195-1.1197 Overnight Range: 1.1185-1.1224
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $91.91 and gold is at $1,214. US futures are negative. Today, the US releases ADP jobs data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1190. Support is at 1.0850.
ADP jobs data released this morning were stronger than expected. The US dollar remains strong and the US dollar has been able to hold on to recent gains. Despite the IMF releasing a report showing CAD flows have increased for FX reserves, the loonie continues to struggle. The main theme continues to be global growth and interest rate policy.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1199
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 1, 2014 | Daily Update |
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