Canadian Dollar Currency Exchange FX Morning Update October 14, 2014
USD/CAD Open: 1.1227-1.1229 Overnight Range: 1.1184-1.1259
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $85.01 and gold is at $1,236. US futures are positive. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.
Global growth worries are impacting markets. German economic sentiment data was negative and growth forecasts were reduced. Oil and commodity prices have been weak recently. Despite Canada’s strong jobs data on Friday, the Canadian dollar remains weak on broader global growth concerns as flow of funds move to save haven currencies. Look for the Canadian dollar to follow global growth sentiment.
Today’s Suggested Range USD/CAD: 1.1099 – 1.1199
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 14, 2014 | Daily Update |
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