Canadian Dollar US Dollar FX Morning Update October 31, 2014 – Canada GDP
USD/CAD Open: 1.1276-1.1278 Overnight Range: 1.1178-1.1287
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $79.82 and gold is at $1,163. US futures are higher. Today, Canada releases GDP data.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
The Bank of Japan increased stimulus to prevent deflation and equities are higher today on risk sentiment. The Canadian dollar is lower on the back of weaker GDP data in Canada. Canadian GDP data was down 0.1% compared to flat expectations. The weak GDP report in Canada is negative for the loonie as expectations that the FED will increase rates before the Bank of Canada become higher as stronger data persists in the US. The US economy is doing well with strong GDP growth while Canada is still struggling.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1300
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 31, 2014 | Daily Update |
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