Canadian Dollar Morning Update April 11, 2014
USD/CAD Open: 1.0959-1.0961 Overnight Range: 1.0917-1.0982
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 producer price and consumer sentiment data 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.
The Canadian dollar is weaker today on US dollar strength. Negative data from China yesterday along with some weak earnings results has the US dollar higher on global growth worries. Look for the Canadian dollar to follow risk sentiment.
Today’s Suggested Range USD/CAD: 1.0925 – 1.1025
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 11, 2014 | Daily Update |
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