Canadian Dollar Currency Exchange Morning Update October 8, 2014
USD/CAD Open: 1.1176-1.1179 Overnight Range: 1.1147-1.1191
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $87.76 and gold is at $1,218. US futures are mixed. Today, the US releases FOMC minutes.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.
Oil prices continue to fall as concerns about global growth linger. The IMF has reduced global growth forecasts. As US yields fall lower, this could take some steam out of the US dollar. The focus remains on domestic growth data and interest rate policy.
Today’s Suggested Range USD/CAD: 1.1125 – 1.1225
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 8, 2014 | Daily Update |
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