Canadian Dollar and US Dollar FX Morning Update December 23, 2014 – Canadian GDP and US GDP is strong
USD/CAD Open: 1.1657-1.1659 Overnight Range: 1.1607-1.1665
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.10 and gold is at $1,178. US futures are higher. Today, the US releases GDP and durable goods data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1690. Support is at 1.1329.
The US economy continues to grow strongly. US GDP numbers came in this morning at 5% growth in Q3, the fastest pace of growth in 11 years. However, durable goods order data this morning was worse than expected. Canadian GDP data this morning was also better than expected at 0.3% in October compared to 0.1% expected. The US dollar is higher this morning on strong US data, which should help push the FED to have confidence to raise rates sooner rather than later.
Today’s Suggested Range USD/CAD: 1.1575 – 1.1675
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 23, 2014 | Daily Update |
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