Canadian Dollar to US Dollar FX Morning Update November 28, 2014
USD/CAD Open: 1.1405-1.1407 Overnight Range: 1.1325-1.1429
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.36 and gold is at $1,180. US futures are flat. Today, Canada releases GDP data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.0925.
OPEC made no cuts to oil production and oil tanked yesterday to new 4.5 year lows. The Canadian dollar also fell sharply as a result. Canada’s GDP data released today was much stronger than expected at 2.8% vs. 2.1% forecast. Strong exports and consumer demand helped growth. The weak oil prices seem to be the main theme hammering the Canadian dollar lower, but this strong GDP report could protect the loonie further today.
Today’s Suggested Range USD/CAD: 1.1350 – 1.1450
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 28, 2014 | Daily Update |
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