Canadian Dollar FX Morning Update March 3, 2014
USD/CAD Open: 1.1100-1.1103 Overnight Range: 1.1038-1.1110
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.73 and gold is at $1,348. US futures are lower. Today, there are no major data releases today.
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.
Risk aversion is the theme as tensions between Ukraine and Russia rise. Gold and oil are higher as is the US dollar as many look for safety fearing the worst. Geopolitical tensions are grabbing the headlines. Global markets are lower. Look for the Ukraine crisis to continue to grab the headlines and drive sentiment.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 3, 2014 | Daily Update |
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