Canadian Dollar US Dollar Morning Update April 29, 2014
USD/CAD Open: 1.0980-1.0982 Overnight Range: 1.0963-1.1031
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.40 and gold is at $1,297. US futures are higher. Today, the US releases home price and consumer confidence data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Easing tensions in the Ukraine has helped boost risk sentiment. The Canadian dollar is up this morning and the US dollar is broadly weaker. The USD/CAD has been rangebound for the most part near the 1.10 USD/CAD level. Look for oil prices, equity prices, and risk sentiment to drive direction of the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 29, 2014 | Daily Update |
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