Canadian Dollar and US Dollar – FX Morning Update December 24, 2014
USD/CAD Open: 1.1610-1.1612 Overnight Range: 1.1589-1.1634
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.81 and gold is at $1,175. US futures are higher. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1690. Support is at 1.1329.
US weekly jobless claims data was better than expected. The US labor market and economy has continued to shine. The holiday period should make volumes light and trading choppy. USD/CAD has been oscillating around the 1.16 USD/CAD level. The main catalysts for the Canadian dollar are oil prices, Canadian economy, and interest rates. With the US economy continuing to do well, the Canadian dollar will need the Canadian economy to start to outperform if it wants the Bank of Canada to also start to make indications like the FED of higher interest rates soon.
Today’s Suggested Range USD/CAD: 1.1575 – 1.1675
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 24, 2014 | Daily Update | 0 comments