Canadian Dollar FX Morning Update June 5, 2014

USD/CAD Open: 1.0936-1.0938 Overnight Range: 1.0916-1.0957

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.28 and gold is at $1,256. US futures are higher. Today, there are no major data releases.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.

The ECB cut interest rates as expected today in an effort to boost the eurozone economy and inflation. US weekly jobless claims released this morning were in line with expectations. The Bank of Canada seems content with a lower loonie in an effort to boost growth and inflation and doesn’t seem to be anywhere close to indicating rate hikes are on the way. The Canadian dollar is rangebound this morning and expect this to continue until jobs data is released tomorrow.

Today’s Suggested Range USD/CAD: 1.0850 – 1.0950

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 5, 2014 | Daily Update | 0 comments
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