Canadian Dollar Update April 3, 2014 #TOpoli

USD/CAD Open: 1.1015-1.1017 Overnight Range: 1.1000-1.1037

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.40 and gold is at $1,284. US futures are mixed. Today, the US releases weekly jobless claims data and Canada and the US release trade data.

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.

The European Central Bank left its interest rate policy unchanged as expected. The US dollar has been gaining strength vs. a basket of currencies except for the Canadian dollar over the last few days. Trade data will be closely followed in Canada to see how the export sector is performing. The Canadian dollar has had difficulty moving past 1.1000 USD/CAD and seems to be rangebound for the most part. The focus remains on the interest rate outlook for Canada and the US to determine the direction of USD/CAD.

Today’s Suggested Range USD/CAD: 1.1000 – 1.1150

Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
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By Admin | April 3, 2014 | Daily Update | 0 comments
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