Canadian Dollar FX Morning Update May 21, 2014
USD/CAD Open: 1.0905-1.0907 Overnight Range: 1.0893-1.0924
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.16 and gold is at $1,290. US futures are higher. Today, the US releases FOMC minutes.
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 Canadian dollar continues to be rangebound for the most part. FOMC minutes may reveal more details on interest rate timing and thoughts by the FED. Most central banks seem to be taking a view of lower rates for longer to boost the economy and employment. The focus continues to be on evaluating economic data that will eventually push the FED/BOC to start thinking about raising rates.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 21, 2014 | Daily Update |
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