Canadian Dollar and US Dollar FX Morning Update November 17, 2014
USD/CAD Open: 1.1313-1.1315 Overnight Range: 1.1268-1.1329
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $74.80 and gold is at $1,183. US futures are lower. Today, the US releases industrial production and empire state mfg. data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
The US dollar is stronger overnight on the back of a negative Japanese GDP surprise. Japan has now fallen in to a recession and is the world’s third largest economy. Recent Canadian data releases have been positive and have been supporting the loonie. The key themes for USD/CAD remain domestic data, inflation, and commodity prices.
Today’s Suggested Range USD/CAD: 1.1275 – 1.1375
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 17, 2014 | Daily Update |
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