Canadian Dollar Currency Exchange Morning Update September 17, 2014
USD/CAD Open: 1.0964-1.0968 Overnight Range: 1.0947-1.0986
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.63 and gold is at $1,238. US futures are mixed. Today, the FED releases its interest rate policy update.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1100. Support is at 1.0850.
The Bank of China is trying to stimulate the economy by injecting money in its banking system. All eyes are set on the FED and its interest rate policy update. There is somewhat of an expectation that the FED will have a hawkish bias towards interest rates. The FED will continue to focus on the labor market, GDP, and inflation. There could be a lot of volatility today after the release in the afternoon.
Today’s Suggested Range USD/CAD: 1.0925 – 1.1025
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 17, 2014 | Daily Update | 0 comments