Canadian Dollar to US Dollar FX Morning Update December 4, 2014
USD/CAD Open: 1.1356-1.1357 Overnight Range: 1.1339-1.1386
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.97 and gold is at $1,209. US futures are flat. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.1329.
The ECB kept rates unchanged as expected. The focus remains on any ECB stimulus. US weekly jobless claims data was as expected. Oil prices remain weak. Although the US dollar has been strong against a basket of currencies, the Canadian dollar has been relatively resilient, as Canada is benefiting from a stronger US economy.
Today’s Suggested Range USD/CAD: 1.1300 – 1.1400
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 4, 2014 | Daily Update |
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