Canadian dollar FX Morning Update February 26, 2014
USD/CAD Open: 1.1086-1.1088 Overnight Range: 1.1072-1.1107
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.36 and gold is at $1,334. US futures are higher. Today, the US releases new home sales 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 USD/CAD has settled within recent trading ranges looking for direction and a catalyst. Issues in the Ukraine haven’t yet created global tensions. The Canadian economy needs to show growth and that it is benefiting from a weaker loonie over the longer term for the Canadian dollar to gain some momentum. In the meantime, the USD/CAD seems comfortable in recent ranges.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 26, 2014 | Daily Update |
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