Canadian Dollar Morning Update May 30, 2014
USD/CAD Open: 1.0857-1.0859 Overnight Range: 1.0822-1.0880
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.01 and gold is at $1,254. US futures are lower. Today, Canada releases GDP 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 consumer spending data released today was worse than expected. Canadian GDP data released this morning was lower than expected and the Canadian dollar dropped as a result. The Canadian dollar had been grinding higher slowly over the last week but today’s disappointing Canadian GDP could put that rally on hold as people guess the health of Canada’s economy.
Today’s Suggested Range USD/CAD: 1.0820 – 1.0920
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com
To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | May 30, 2014 | Daily Update |
0 comments