Canadian Dollar Currency Exchange Morning Update June 19, 2014
USD/CAD Open: 1.0830-1.0832 Overnight Range: 1.0858-1.0874
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.56 and gold is at $1,289. US futures are higher. Today, the US releases weekly jobless claims.
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 is higher on the back of a weaker US dollar primarily driven by not so hawkish comments by the FED yesterday on interest rates. The overall tone by the FED was lower rate for longer, which is US dollar negative. US weekly jobless claims data that was released today was in line with expectations. Geopolitical risks continue to linger in the background.
Today’s Suggested Range USD/CAD: 1.0800 – 1.0900
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 19, 2014 | Daily Update |
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