Canadian dollar FX Morning Update February 25, 2014
USD/CAD Open: 1.1072-1.1074 Overnight Range: 1.1053-1.1080
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.55 and gold is at $1,336. US futures are lower. Today, US consumer confidence data is released.
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.
USD/CAD is rangebound and seems to have settled. Markets have been quiet. Much of the data releases this month could be impacted by weather events and will be taken with a grain of salt. Thoughts of any potential rate cut in Canada seem to have disappeared. The focus is on data to determine how fast the Canadian economy is growing.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 25, 2014 | Daily Update |
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