Canadian Dollar US Dollar Currency Exchange FX Morning Update November 5, 2014
USD/CAD Open: 1.1420-1.1422 Overnight Range: 1.1389-1.1460
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $77.90 and gold is at $1,144. US futures are higher. Today, US ADP jobs data is released.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
ADP jobs data released this morning was better than expected. The US jobs market seems to be picking up. Republicans took control of the Senate after yesterday’s midterm elections. The US dollar remains strong while the Canadian dollar is near a 5 year low. Oil prices remain weak and are impacting the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1370 – 1.1470
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 5, 2014 | Daily Update | 0 comments