Canadian Dollar Morning Update April 16, 2014

USD/CAD Open: 1.1000-1.1003 Overnight Range: 1.0965-1.1000

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.65 and gold is at $1,305. US futures are positive. Today, the Bank of Canada releases its policy update.

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.

Chinese GDP data was better than expected overnight boosting risk sentiment. Oil and commodity prices are higher. The FED’s Yellen speaks today and the speech could provide hints on monetary policy. The focus today for the Canadian dollar is on the Bank of Canada policy update. Despite the recent positive data releases in Canada, the Bank of Canada may prefer a weaker loonie and may ensure its tone is not too optimistic.

Today’s Suggested Range USD/CAD: 1.0975 – 1.1075

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 16, 2014 | Daily Update | 0 comments