Canadian Dollar Morning Update May 29, 2014
USD/CAD Open: 1.0850-1.0852 Overnight Range: 1.0835-1.0884
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.81 and gold is at $1,256. US futures are flat. Today, the US releases Q1 GDP revised data.
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.
US GDP contracted by 1% in Q1 of 2014 much of it due to weather conditions. The Canadian dollar had a muted reaction to the US GDP data release and continues to trade in a tight narrow range. The negative US GDP data release is more ammunition for the FED to keep rates lower for longer. Canadian current account data released today showed exporters are starting to gain traction, a positive sign.
Today’s Suggested Range USD/CAD: 1.0820 – 1.0920
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 29, 2014 | Daily Update |
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