Canadian Dollar Currency Exchange Update June 27, 2014
USD/CAD Open: 1.0691-1.0694 Overnight Range: 1.0677-1.0702
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.06 and gold is at $1,318. US futures are lower. Today, the US releases consumer sentiment 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.
The Canadian dollar has held on to recent gains despite some negative data releases in the US (Q1 GDP). Many that have been short the Canadian dollar must be getting nervous. After a bad start to the year, the Canadian dollar is back near 6 month highs. While the Canadian dollar has gained some momentum of late, the fate of the Canadian dollar could rest in the hands of the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 27, 2014 | Daily Update |
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