Canadian Dollar US Dollar Currency Exchange Morning Update November 4, 2014 – Weak Oil Prices
USD/CAD Open: 1.1396-1.1398 Overnight Range: 1.1339-1.1424
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $76.71 and gold is at $1,168. US futures are lower. 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.
The Canadian dollar remains weak. Oil prices are down to a 3 year low. The Bank of Canada’s Poloz feels interest rates could remain low for some time to fight potential downside inflation risks. The EU has cut its growth forecast. The Canadian dollar seems to be on its heels due to weak commodity and oil prices, weaker global growth headlines, and lack of strong domestic economic growth.
Today’s Suggested Range USD/CAD: 1.1450 – 1.1450
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 4, 2014 | Daily Update |
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