Canadian Dollar Morning Update April 15, 2014
USD/CAD Open: 1.0995-1.0997 Overnight Range: 1.0960-1.1000
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.04 and gold is at $1,292. US futures are positive. Today, US inflation 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.
The US dollar is slightly stronger. Corporate earnings releases will continue to help sentiment. Lingering uncertainty with the situation in Ukraine will keep some risk averse. All eyes are on the Bank of Canada statement tomorrow and the tone of the statement should help drive direction for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0975 – 1.1075
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 15, 2014 | Daily Update |
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