Canadian Dollar to US Dollar FX Morning Update December 3, 2014 – Bank of Canada
USD/CAD Open: 1.1392-1.1394 Overnight Range: 1.1374-1.1410
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.76 and gold is at $1,205. US futures are flat. Today, the US releases ISM services data and the Bank of Canada provides an interest rate statement.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.1329.
The Bank of Canada kept interest rates steady but the focus was on the commentary. The Bank of Canada commented on strengthening inflation, the weak Canadian dollar, a strengthening economic recovery. The Canadian dollar strengthened after the news as the BoC looks like it is moving towards a rate hike eventually vs. a neutral indifferent tone. A strengthening US economy is also helping Canada. The catalysts for the Canadian dollar remains domestic economic growth, inflation, and commodity prices.
Today’s Suggested Range USD/CAD: 1.1300 – 1.1400
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 3, 2014 | Daily Update |
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