Canadian Dollar USD/CAD FX Morning Update May 16, 2014
USD/CAD Open: 1.0885-1.0888 Overnight Range: 1.0866-1.0890
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.85 and gold is at $1,294. US futures are lower. Today, the US releases housing start and consumer sentiment 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.
The Canadian dollar continues to be rangebound trading in a tight range with limited volatility. Central banks seem to be taking a wait and see approach with interest rates and most are focusing on lower rates for longer due to long term growth concerns. USD/CAD seems quite content where it is looking for a catalyst.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 16, 2014 | Daily Update |
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