FX Morning Update January 12, 2015 – Canadian and US Dollar
USD/CAD Open: 1.1898-1.1899 Overnight Range: 1.1834-1.1910
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $46.60 and gold is at $1,223. US futures are higher.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1913. Support is at 1.1721.
Oil prices remain weak with both Goldman Sachs and Societe Generale cutting oil price forecasts. Oversupply remains the key issue. Overall volatility has increased recently. Earnings season in the US kicks off today. The US economy remains in a healthy position relative to other economies and this keeps boosting the US dollar. The trend is the friend for the US dollar.
Today’s Suggested Range USD/CAD: 1.1850 – 1.1950
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 12, 2015 | Daily Update |
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