Canadian Dollar FX Morning Update June 3, 2014
USD/CAD Open: 1.0917-1.0919 Overnight Range: 1.0875-1.0927
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.38 and gold is at $1,245. US futures are lower. Today, the US releases factory orders 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.
The Canadian dollar continues to weaken slightly continuing the loss of momentum from yesterday. Inflation data in the eurozone released this morning was lower than expected, which will put more pressure on the ECB to continue easing. The Canadian dollar is at a one week low erasing gains from last week.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 3, 2014 | Daily Update |
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