Canadian Dollar FX Morning Update March 5, 2014
USD/CAD Open: 1.1077-1.1079 Overnight Range: 1.1071-1.1098
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.97 and gold is at $1,336. US futures are flat. Today, the Bank of Canada releases its policy announcement.
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 situation in the Ukraine seems to be getting better and less explosive. ADP payroll data releases this morning was influenced by poor weather making the data less conclusive. All eyes are on the Bank of Canada policy announcement today to see how the BOC has viewed recent data releases in Canada (especially inflation).
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 5, 2014 | Daily Update | 0 comments