Canadian Dollar Morning Update June 4, 2014
USD/CAD Open: 1.0926-1.0929 Overnight Range: 1.0906-1.0960
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.24 and gold is at $1,247. US futures are lower. Today, the US releases ADP jobs and ISM non-mfg. data and in Canada the Bank of Canada releases its policy update.
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.
US ADP jobs data released this morning was worse than expected with 179k jobs created vs. expectations of 210k. US non-farm payroll data is released on Friday and is an important gauge of the economy. The Canadian dollar continues to grind lower slowly erasing gains over the last week. The Bank of Canada releases its policy announcement today which is expected to hold rates at 1% but the focus is on interest rate guidance.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 4, 2014 | Daily Update |
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