Canadian Dollar to US Dollar FX Morning Update December 1, 2014 – Failing Oil Hurts Loonie
USD/CAD Open: 1.1375-1.1378 Overnight Range: 1.1365-1.1460
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.55 and gold is at $1,180. US futures are negative. Today, the US releases ISM data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.0925.
Downbeat data was released from China overnight. Oil prices have lost significant ground recently, but are off their lows and higher today. The loonie has been hammered with the recent slide in oil prices, but the loonie is slightly higher today as oil is off its lows. It will be interesting to see how the Bank of Canada will interpret falling oil prices this week.
Today’s Suggested Range USD/CAD: 1.1350 – 1.1450
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 1, 2014 | Daily Update |
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