Canadian Dollar Morning Update April 8, 2014
USD/CAD Open: 1.0930-1.0932 Overnight Range: 1.0912-1.0978
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.21 and gold is at $1,312. US futures are higher. 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 Canadian dollar is higher and is near a 2 month high. US dollar weakness is helping the Canadian dollar. The Quebec election result is also Canadian dollar positive. Overall risk sentiment is better and this bodes well for the loonie. Earnings season will help drive sentiment moving forward and tensions in the Ukraine will be watched closely.
Today’s Suggested Range USD/CAD: 1.0900 – 1.1025
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 8, 2014 | Daily Update |
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