Canadian Dollar to US Dollar FX Morning Update December 2, 2014

USD/CAD Open: 1.1380-1.1383 Overnight Range: 1.1313-1.1388

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.94 and gold is at $1,201. 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 1.1465. Support is at 1.0925.

Oil prices rebounded yesterday and this benefited the Canadian dollar. Falling oil prices could be seen as a boost to economic growth with lower input costs but this also hurts the resource sector. The focus remains on global growth, domestic data, and commodity prices. All eyes are on the Bank of Canada statement tomorrow and their view of falling oil prices, inflation, and growth.

Today’s Suggested Range USD/CAD: 1.1350 – 1.1450

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By Admin | December 2, 2014 | Daily Update | 0 comments