Canadian Dollar US Dollar FX Morning Update December 10, 2014

USD/CAD Open: 1.1463-1.1465 Overnight Range: 1.1432-1.1478

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $62.31 and gold is at $1,229. 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 1.1465. Support is at 1.1329.

US futures are lower. A cautious tone lurks. OPEC lowered its forecast for oil demand in 2015. The Canadian dollar is see-sawing trying to find its direction. Weak oil prices continue to drag on the Canadian dollar. With no major data releases today, look for the Canadian dollar to follow market sentiment directionally.

Today’s Suggested Range USD/CAD: 1.1390 – 1.1490

Sincerely,

Rahim Madhavji | Knightsbridge Foreign Exchange
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www.knightsbridgefx.com

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By Admin | December 10, 2014 | Daily Update | 0 comments