Canadian Dollar Currency Exchange FX Morning Update October 16, 2014
USD/CAD Open: 1.1327-1.1329 Overnight Range: 1.1239-1.1363
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $80.30 and gold is at $1,239. US futures are negative. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
Oil prices continue to sink lower along with equity futures. US weekly jobless claims released this morning was better than expected and at a 14 year low. Fears of a global economic slowdown along with a US slowdown are causing equity markets to tumble and flow of funds to move in to the US dollar as a flight to safety. Risk aversion remains the key theme.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1299
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 16, 2014 | Daily Update | 0 comments