Canadian Dollar Currency Exchange Morning Update June 30, 2014
USD/CAD Open: 1.0686-1.0688 Overnight Range: 1.0662-1.0697
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.47 and gold is at $1,315. US futures are mixed. Today, the US releases Chicago PMI data and Canada releases GDP data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0850 and 1.0990. Support is at 1.0620 and 1.0510.
Canadian GDP data was below expectations at 2.1% growth vs. expectations of 2.3% and this should be Canadian dollar negative. This could take some steam out of the Canadian dollar momentum that it has had recently as reduced growth reduces pressure on the Bank of Canada to move on interest rates. With month end today, there could be some volatility due to rebalancing.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 30, 2014 | Daily Update |
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