Canadian Dollar FX Morning Update August 20, 2014
USD/CAD Open: 1.0944-1.0946 Overnight Range: 1.0927-1.0971
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.31 and gold is at $1,296. US futures are negative. FOMC minutes are released today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The US dollar was stronger yesterday and the Canadian dollar is softer on overall US dollar strength. FOMC minutes are released today and will be reviewed closely to see if there is any indication on interest rate timing by the FED. Strong US data and interest rate expectations are helping the US dollar gain strength. Oil prices have dropped over the last month, which can’t be helping the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 20, 2014 | Daily Update |
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