Canadian Dollar USD/CAD FX Morning Update May 13, 2014
USD/CAD Open: 1.0890-1.0892 Overnight Range: 1.0884-1.0927
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.28 and gold is at $1,297. US futures are higher. Today, the US releases retail sales 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 retail sales data released this morning was worse than expected at 0.1% vs. expectations of 0.4%. The Canadian dollar is flat for the most part and is rangebound, seemingly quite content at its current level. Look for the USD/CAD to remain near the 1.10 level until a major catalyst helps provide some further direction.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 13, 2014 | Daily Update | 0 comments