Canadian Dollar FX Morning Update January 2, 2015
USD/CAD Open: 1.1696-1.1698 Overnight Range: 1.1601-1.1697
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $52.34 and gold is at $1,174. US futures are positive. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1698. Support is at 1.1329.
The Canadian dollar has continued to lose ground overnight and the US dollar continues to rise. Volumes may still be light today. Oil prices remain very weak and the low oil prices over the holidays have again caught up to the Canadian dollar. The momentum in the US dollar has been driven by the strong US economy and the potential of higher interest rates sooner rather than later.
Today’s Suggested Range USD/CAD: 1.1650 – 1.1750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 6, 2015 | Daily Update |
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