Canadian Dollar FX Morning Update July 30, 2014

USD/CAD Open: 1.0885-1.0887 Overnight Range: 1.0848-1.0910

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.53 and gold is at $1,312. US futures are higher. Today, the US releases GDP data and the FED releases its interest rate policy.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.

The US dollar has strengthened on the back of a strong US economy, which could push the FED to think about raising rates sooner rather than later. US GDP data released today was much stronger than expected. All eyes are on the FED today to see if there is any insight as to when interest rate hikes will occur. The Canadian dollar seems on its heels.

Today’s Suggested Range USD/CAD: 1.0820 – 1.0920

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Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 30, 2014 | Daily Update | 0 comments