Canadian Dollar Morning Update March 27, 2014
USD/CAD Open: 1.1089-1.1091 Overnight Range: 1.1075-1.1110
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.07 and gold is at $1,296. US futures are mixed. Today, the US releases weekly jobless claims and revised GDP data.
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 weekly jobless claims fell to the lowest number in four months, slightly better than expected. US GDP data was revised higher as expected. The Canadian dollar gained some strength yesterday on risk appetite and flow of funds. The focus for the Canadian dollar continues to based on the interest rate outlook for Canada and the US. Dovish comments by the Bank of Canada Governor will continue to weigh on the Canadian dollar until economic outperformance in Canada.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1190
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 27, 2014 | Daily Update |
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