Canadian Dollar Morning Update June 2, 2014
USD/CAD Open: 1.0860-1.0863 Overnight Range: 1.0840-1.0897
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.69 and gold is at $1,246. US futures are higher. Today, the US releases ISM data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
Chinese manufacturing data released overnight was better than expected. The US dollar is broadly stronger this morning. Speculators continue to short the Canadian dollar. Inflation is picking up in Canada but recent GDP data was soft, which will likely have the Bank of Canada balancing upside and downside possibilities this Wednesday.
Today’s Suggested Range USD/CAD: 1.0820 – 1.0920
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 2, 2014 | Daily Update |
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