Canadian Dollar US Dollar FX Morning Update November 12, 2014
USD/CAD Open: 1.1305-1.1307 Overnight Range: 1.1301-1.1360
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $77.40 and gold is at $1,166. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
Commodity currencies are slightly higher. Oil prices have stabilized. The Canadian dollar is off its five year low. The fall fiscal update potentially showing a move towards a surplus next year should be loonie positive. Drivers for the Canadian dollar continue to be domestic economic data, oil and commodity prices, and Bank of Canada interest rate policy.
Today’s Suggested Range USD/CAD: 1.1299 – 1.1399
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 12, 2014 | Daily Update |
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