Canadian Dollar USD/CAD FX Morning Update October 7, 2014
USD/CAD Open: 1.1152-1.1154 Overnight Range: 1.1126-1.1187
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $90.13 and gold is at $1,209. US futures are negative. There are no major data releases today.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1280. Support is at 1.0925.
There were no major changes in USD/CAD overnight. The Canadian dollar is slightly weaker. Volatility has increased over the last month. Key themes for the Canadian dollar continue to be commodities, global growth, interest rates, and domestic data. With the US economy humming along, interest rate expectations in the US have been driving the US dollar higher. Canada should eventually benefit from the stronger US economy but there could be some time lag. Look for data releases to continue to move markets.
Today’s Suggested Range USD/CAD: 1.1125 – 1.1225
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 7, 2014 | Daily Update |
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