Canadian Dollar Currency Exchange FX Morning Update September 19, 2014
USD/CAD Open: 1.0910-1.0912 Overnight Range: 1.0891-1.0998
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $92.68 and gold is at $1,225. US futures are higher. Today, Canada releases CPI data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1100. Support is at 1.0850.
Scotland remains part of the UK removing some uncertainty. Canada’s inflation rate was at 2.1% and was generally in line with expectations, while core inflation was stronger than expected. Inflation is creeping near the 2% level, which is closely watched by the Bank of Canada. Positive inflation numbers such as today’s release, could cause the Bank of Canada to get a little uncomfortable with their view on inflation and interest rates. With the FED release out of the way and no real change to US interest rate policy, USD/CAD could remain rangebound near the 1.0900 USD/CAD level.
Today’s Suggested Range USD/CAD: 1.0875 – 1.0975
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 19, 2014 | Daily Update |
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