Canadian Dollar FX Morning Update February 21, 2014
USD/CAD Open: 1.1066-1.1068 Overnight Range: 1.1061-1.1092
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.21 and gold is at $1,324. US futures are higher. Today, Canada releases inflation data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
The US dollar was stronger overnight and the Canadian dollar seemed to be losing momentum. Canadian CPI data released this morning indicated inflation was stronger than expected (+1.5%), giving the loonie a slight boost off its lows. Issues in the Ukraine and emerging markets linger in the background. The overall sentiment seems US dollar positive.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1200
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 21, 2014 | Daily Update |
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