US Dollar and Canadian Dollar – FX Morning Update December 29, 2014
USD/CAD Open: 1.1628-1.1630 Overnight Range: 1.1604-1.1641
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.49 and gold is at $1,194. 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 1.1690. Support is at 1.1329.
There are no major data releases this week. Trading should be subdued due to the holidays. USD/CAD has been hanging around 1.16. With lighter volumes, trading could be choppy for the Canadian dollar. The US dollar has been benefiting from the strong US economy, weak oil prices, and the US FED leaning towards raising rates sooner rather than later.
Today’s Suggested Range USD/CAD: 1.1575 – 1.1675
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 29, 2014 | Daily Update |
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