Canadian Dollar FX Morning Update October 21, 2014
USD/CAD Open: 1.1220-1.1222 Overnight Range: 1.1219-1.1297
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $82.99 and gold is at $1,254. 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 1.1395. Support is at 1.0925.
Better than expected Chinese GDP data has the Canadian dollar rallying slightly this morning. Commodity currencies are firmer. With positive news on global growth and Chinese growth, the Canadian dollar is benefiting. The Bank of Canada announcement tomorrow could cause some volatility for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1299
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 21, 2014 | Daily Update |
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