Canadian dollar Morning Update March 28, 2014
USD/CAD Open: 1.1020-1.1022 Overnight Range: 1.1003-1.1045
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.88 and gold is at $1,290. US futures are higher. Today, there are no major data releases today.
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 moved higher recently due to flow of funds and risk appetite along with other commodity currencies. Expectations of upcoming stimulus in China is also helping the loonie. However, the Bank of Canada’s interest rate outlook appears to be limiting the Canadian dollar from further strengthening.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 28, 2014 | Daily Update |
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