Canadian Dollar – FX Morning Update January 14, 2015 (Weak Retail Sales in the US)
FX Morning Update January 14, 2015
USD/CAD Open: 1.1944-1.1945 Overnight Range: 1.1941-1.2015
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.38 and gold is at $1,240. US futures are negative. Today, retail sales data is released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2001. Support is at 1.1721.
US futures are lower today as weak US retail sales surprised markets (-0.3% vs. +0.3% expected). The World Bank also cut global growth forecasts. The US dollar is weaker on the back of poor US retail sales data. Oil prices remain weak, cooper prices have fallen to 2009 levels. The US dollar has been boosted by strong US economic data of late, and the Canadian dollar has been weak based on falling oil prices. Some weak US data might take the steam out of the US dollar in the interim. Long term, it’s all about the economy.
Today’s Suggested Range USD/CAD: 1.1900 – 1.2000
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 14, 2015 | Daily Update |
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