Canadian Dollar Currency Exchange Morning Update September 4, 2014
USD/CAD Open: 1.0842-1.0844 Overnight Range: 1.0820-1.0910
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.74 and gold is at $1,271. US futures are positive. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The ECB surprisingly cut rates to boost the economy and some flow of funds could move in to the Canadian dollar. The ADP jobs data report released today was slightly weaker than expected but weekly jobless claims data was largely in line with expectations. The Bank of Canada had a fairly neutral update on the interest rates but inflation and the economy is picking up. Look for the Canadian dollar to benefit from the ECB rate cut news.
Today’s Suggested Range USD/CAD: 1.0810 – 1.0910
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 4, 2014 | Daily Update | 0 comments