Canadian Dollar Currency Exchange FX Morning Update September 23, 2014
USD/CAD Open: 1.1022-1.1024 Overnight Range: 1.0986-1.1052
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $91.51 and gold is at $1,227. US futures are lower. Today, Canada releases retail sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1100. Support is at 1.0850.
Overnight, Europe released weak data while data from China was positive. The Bank of Canada’s Deputy Governor speech yesterday was Canadian dollar negative as it discussed the need for stimulus for some time to come. The new normal may be subdued interest rates for quite some time. Canadian retail sales data released this morning was weaker than expected and the Canadian dollar has reacted negatively.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 23, 2014 | Daily Update |
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