Canadian Dollar and US Dollar – FX Morning Update January 7, 2015 – FED Minutes
USD/CAD Open: 1.1849-1.1850 Overnight Range: 1.1812-1.1869
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $48.29 and gold is at $1,210. US futures are higher. Today, the FED releases its minutes.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1880. Support is at 1.1721.
Oil prices are slightly higher this morning. ADP private sector jobs data in the US remains strong, highlighting the strength of the US economy. In the eurozone, inflation data fell 0.2% creating headlines. The US dollar remains strong. The Canadian dollar’s fate will largely be determined by oil prices directionally in the near term. Falling oil prices could have an exacerbated effect on Canada’s economy. The US dollar’s recent rise has been driven by rising US interest rate expectations and today’s FED minutes should provide some clarity on timing considering the US economy and low inflation.
Today’s Suggested Range USD/CAD: 1.1775 – 1.1875
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 7, 2015 | Daily Update |
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