Canadian Dollar US Dollar FX Morning Update October 30, 2014 – GDP Data, Weekly Jobless Claims
USD/CAD Open: 1.1195-1.1197 Overnight Range: 1.1164-1.1235
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $81.49 and gold is at $1,204. US futures are mixed. Today, the US releases GDP data and weekly jobless claims data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
US weekly jobless claims data was slightly worse than expected at 287k vs. 281k expected. US GDP data released this morning was better than expected at 3.5% growth vs. 3% expected. The strengthening US economy is positive for both Canada and global markets, but this will also push for a rise in US interest rates due to a healthy economy. The hope is that the strengthening US economy will trickle down and aid Canada. At the end of the day, for the Canadian dollar to have a sustained rally, domestic economic data will need to outperform.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1200
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 30, 2014 | Daily Update |
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