Canadian Dollar Morning Update May 28, 2014

USD/CAD Open: 1.0860-1.0862 Overnight Range: 1.0843-1.0867

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.88 and gold is at $1,264. US futures are flat. 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.

Markets could be quiet today with no major data releases and the Canadian dollar could follow risk sentiment directionally. The Canadian dollar continues to be rangebound and trade in a tight range. The next catalysts for the Canadian dollar are US GDP and Canadian GDP out on Thursday and Friday respectively.

Today’s Suggested Range USD/CAD: 1.0820 – 1.0920

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 28, 2014 | Daily Update | 0 comments
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