Canadian Dollar to US Dollar FX Morning Update November 21, 2014
USD/CAD Open: 1.1219-1.1220 Overnight Range: 1.1190-1.1326
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $77.15 and gold is at $1,202. US futures are positive. Today, Canada releases CPI data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
China cut interest rates overnight for the first time in two years and this has boosted oil prices and equities. Canadian CPI data was much stronger than expected this morning at 2.4%, well above the 2% forecast. The Canadian dollar has rallied strongly as a result as the strong inflation data could start to put pressure on the Bank of Canada to think about raising rates sooner rather than later. With jobs data being strong and inflation picking up, the Bank of Canada has a lot to think about.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1300
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 21, 2014 | Daily Update |
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