Canadian Dollar FX Morning Update May 5, 2014
USD/CAD Open: 1.0975-1.0977 Overnight Range: 1.0955-1.0988
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.17 and gold is at $1,314. US futures are lower. Today, US non-mfg. ISM data is released.
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.
Overnight Chinese manufacturing data was worse than expected and this has markets in risk aversion mode. There are worries that slowing Chinese growth could impact commodities and global growth. While this is considered US dollar positive, US yields have been moving lower due to expectations the FED could continue aggressive monetary policy, and this is considered Canadian dollar positive. The Canadian dollar continues to be rangebound near the 1.10 level seeming quite comfortable.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 5, 2014 | Daily Update |
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