Canadian Dollar and US Dollar – FX Morning Update January 8, 2015
USD/CAD Open: 1.1829-1.1831 Overnight Range: 1.1796-1.1839
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $48.99 and gold is at $1,212. 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 1.1880. Support is at 1.1721.
FED comments that interest rates may not be needed for some time due to weak inflation have boosted market sentiment and could cap US dollar strength if increasing commentary on delaying interest rate hikes persists. Oil prices remain steady. Weekly jobless claims data was slightly worse than expected. The Canadian dollar needs oil prices to stabilize to avoid the bloodbath. At the end of the day, it’s all about the economy, and the US economy is doing well, while Canada is lagging.
Today’s Suggested Range USD/CAD: 1.1775 – 1.1875
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 8, 2015 | Daily Update |
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