Canadian Dollar US Dollar Morning Update May 22, 2014
USD/CAD Open: 1.0910-1.0912 Overnight Range: 1.0904-1.0938
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.89 and gold is at $1,302. US futures are flat. Today, the US releases weekly jobless claims and Canada releases retail sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
Better than expected Chinese manufacturing data overnight has slightly benefited the Canadian dollar overnight. However, worse than expected weekly jobless claims could evaporate the positive risk sentiment. Canadian retail sales data released this morning was surprisingly negative. The focus falls on CPI data to be released tomorrow, which is closely followed by the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 22, 2014 | Daily Update |
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