Canadian Dollar and US Dollar FX Morning Update November 25, 2014 – Strong Retail Sales Data
USD/CAD Open: 1.1264-1.1268 Overnight Range: 1.1249-1.1310
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $76.15 and gold is at $1,196. US futures are higher. Today, Canada releases retail sales data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
US GDP data was revised higher today as the economy expanded faster than previously reported. Canada’s retail sales data released this morning was better than expected at 0.8% compared to 0.5% forecast. Stronger retail sales data is a positive sign for the Canadian economy and for upcoming GDP data in Canada. Positive domestic data remains the catalyst for the Canadian and US dollar.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1300
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 25, 2014 | Daily Update |
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