Canadian Dollar Morning Update May 20, 2014
USD/CAD Open: 1.0898-1.0899 Overnight Range: 1.0871-1.0907
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.57 and gold is at $1,288. US futures are lower. Today, there are no major data releases.
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.
USD/CAD continues to be rangebound for the most part. With no major data releases today, this rangebound trading should continue. There is a hint of risk aversion in the markets today. CPI data is released on Friday and this could be a catalyst as it is closely watched by the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 20, 2014 | Daily Update |
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