Canadian Dollar FX Morning Update February 5, 2014
USD/CAD Open: 1.1067-1.1069 Overnight Range: 1.1037-1.1098
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.88 and gold is at $1,270. US futures are lower. Today, US ADP payroll 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.
US ADP payroll data released this morning was weaker than expected. The Canadian dollar continues to be looking for a catalyst, especially any sign that the Canadian economy is gaining strength. Any hint of a rise in inflation or a strong Canadian economy could boost the loonie. The Canadian dollar has rallied since its recent low and looks to be rangebound and looking for direction.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 5, 2014 | Daily Update | 0 comments