Canadian Dollar FX Morning Update February 24, 2014
USD/CAD Open: 1.1096-1.1098 Overnight Range: 1.1090-1.1140
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.47 and gold is at $1,332. US futures are higher. Today, there are no major data releases today.
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 G20 meeting over the weekend had no major surprises. The USD/CAD remains rangebound. The focus remains on economic data and determining if the recent weak data reports are due to weather. Friday’s positive inflation data report is positive for the Canadian dollar but growth concerns continue to weigh on the loonie.
Today’s Suggested Range USD/CAD: 1.1070 – 1.1170
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 24, 2014 | Daily Update |
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