Canadian Dollar Morning Update May 1, 2014

USD/CAD Open: 1.0970-1.0972 Overnight Range: 1.0949-1.0998

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.13 and gold is at $1,279. US futures are mixed. Today, weekly jobless claims and ISM data are released.

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.

USD/CAD is back near the 1.10 level. Many expect the FED to start raising rates in the second half of 2015. Lack of inflation remains a concern globally. The Canadian dollar is weaker overnight and is back near its recent rangebound trading levels. The Ontario budget is revealed today, but it’s not expected to impact the loonie.

Today’s Suggested Range USD/CAD: 1.0950 – 1.1050

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 1, 2014 | Daily Update | 0 comments
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