Canadian Dollar Currency Exchange FX Morning Update October 6, 2014

USD/CAD Open: 1.1217-1.1219 Overnight Range: 1.1201-1.1267

The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $90.08 and gold is at $1,197. US futures are positive.

The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.

The US reported strong jobs data on Friday and the US dollar rallied. The USD gave up some of those gains overnight. The underlying trend recently has been a stronger US dollar driven by a strengthening US economy. Canada releases jobs data this week and this will be closely watched, a positive number would be positive for the Canadian dollar. Much of the change in USD/CAD has been driven by broad based US dollar strength.

Today’s Suggested Range USD/CAD: 1.1150 – 1.1250

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Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 6, 2014 | Daily Update | 0 comments