Canadian Dollar Currency Exchange Morning Update June 26, 2014
USD/CAD Open: 1.0714-1.0716 Overnight Range: 1.0705-1.0726
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.26 and gold is at $1,317. US futures are flat. Today, the US releases weekly jobless claims and Personal Income data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0710 and 1.0610.
The Canadian dollar continues to grind higher, ever so slightly. US weekly jobless claims numbers were in line with expectations and continue to be near a post-recession low. Many people have shrugged off the weak US GDP Q1 numbers. Growth currencies have been gaining vs. the US dollar of late. The catalysts for the Canadian dollar continue to be a stronger growth profile along with strengthening inflation.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 26, 2014 | Daily Update | 0 comments