Canadian Dollar FX Morning Update February 27, 2014
USD/CAD Open: 1.1120-1.1122 Overnight Range: 1.1117-1.1147
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.63 and gold is at $1,332. US futures are mixed. Today, the US releases durable goods 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 remains strong. Weekly jobless data and durable goods data was reported better than expected this morning, slightly boosting risk appetite. FED Chairwomen Yellen is speaking today and this will be watched closely. The issues in Ukraine are starting to gain attention of the markets and this will typically favor the US dollar as a flight to safety. Markets remain nervous.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1199
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 27, 2014 | Daily Update | 0 comments