Canadian Dollar FX Morning Update March 4, 2014
USD/CAD Open: 1.1100-1.1103 Overnight Range: 1.1071-1.1108
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.68 and gold is at $1,333. US futures are higher. 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.
The Canadian dollar and markets are higher as tensions have eased a bit in the Ukraine. Russia has ordered troops back to base boosting risk appetite. Risk aversion is no longer the theme, although things could change quickly. Look for the Canadian dollar to remain rangebound ahead of the Bank of Canada announcement tomorrow.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 4, 2014 | Daily Update |
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