Canadian Dollar Morning Update April 7, 2014
USD/CAD Open: 1.1002-1.1004 Overnight Range: 1.0966-1.1010
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.55 and gold is at $1,299. US futures are negative. Today, there are no major data releases.
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 USD is mixed and the Canadian dollar is rangebound. After a strong Canadian dollar on Friday, the USD/CAD is back near the 1.1000 USD/CAD mark. Earnings season is set to kick off this week and the FOMC minutes released this week will provide more insight as to the rate hike timetable. Speculators continue to short the Canadian dollar, but the amount has been reduced recently. The loonie continues to be impacted by positive economic data releases on one hand and a dovish BOC on the other.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 7, 2014 | Daily Update |
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