Canadian Dollar Morning Update April 10, 2014

USD/CAD Open: 1.0915-1.0917 Overnight Range: 1.0870-1.0920

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.64 and gold is at $1,304. US futures are negative. Today, US weekly jobless claims are 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.

Weak Chinese export data released overnight has created a risk-off environment. However, US weekly jobless claims data was better than expected this morning. FED minutes released yesterday gave the Canadian dollar a slight boost. The Canadian dollar is lower today on the weak Chinese export data news. Look for the USD/CAD to be ranggebound until the next BOC data release.

Today’s Suggested Range USD/CAD: 1.0900 – 1.1025

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 10, 2014 | Daily Update | 0 comments