Canadian Dollar and US Dollar FX Morning Update October 29, 2014
FX Morning Update October 29, 2014
USD/CAD Open: 1.1144-1.1146 Overnight Range: 1.1142-1.1181
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $82.41 and gold is at $1,225. US futures are mixed. Today, the FOMC releases its policy update.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
The US FED is expected to end its bond buying program today (QE). In the US, unemployment is falling and GDP is growing, but the focus remains on the timing of the next interest rate hike. Lack of strong inflation in the US could be a reason for the FED to not be in a hurry to discuss raising interest rates. The FED could continue to point to the health of upcoming data releases as a guide for the next interest rate hike.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1200
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 29, 2014 | Daily Update | 0 comments