Canadian Dollar Morning Update April 22, 2014
USD/CAD Open: 1.1020-1.1022 Overnight Range: 1.1001-1.1025
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.28 and gold is at $1,288. US futures are positive. There are no major data releases today.
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.
US corporate earnings releases have been better than expected for the most part. The Canadian dollar continues to be rangebound near the 1.10 USD/CAD level in a narrow range. The situation in the Ukraine has not had a material impact on USD/CAD at the moment. Look for the loonie to follow global growth and risk sentiment directionally.
Today’s Suggested Range USD/CAD: 1.0975 – 1.1075
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 22, 2014 | Daily Update |
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