FX Morning Update December 8, 2014
USD/CAD Open: 1.1444-1.1446 Overnight Range: 1.1426-1.1459
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.67 and gold is at $1,196. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1465. Support is at 1.1329.
Weaker than expected trade data from China and industrial production data from Europe overnight have global growth concerns at the forefront. Oil prices are weaker. The most recent jobs data in the US was strong, while in Canada it was weak. The strong outlook for the US economy compared to Canada’s economy, has the US dollar in a position of strength.
Today’s Suggested Range USD/CAD: 1.1390 – 1.1490
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 8, 2014 | Daily Update |
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