Canadian Dollar FX Morning Update May 23, 2014
USD/CAD Open: 1.0900-1.0902 Overnight Range: 1.0879-1.0906
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.06 and gold is at $1,294. US futures are higher. Today, Canada releases CPI data.
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.
CPI data released in Canada was as expected with a 2.0% CPI headline. This will put a bit of pressure on the Bank of Canada as inflation is starting to climb higher and meet its expected level over time. The Canadian dollar has been mostly rangebound, very comfortable in its recent range.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 23, 2014 | Daily Update |
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