Canadian Dollar USD/CAD Morning Update April 2, 2014
USD/CAD Open: 1.1020-1.1022 Overnight Range: 1.1000-1.1043
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.04 and gold is at $1,291. US futures are higher. Today, the US will release ADP jobs and factory orders 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.
US ADP jobs data released this morning were below market expectations. The focus remains on jobs data to be released on Friday in Canada. Equities continue to move higher along with risk appetite. The USD/CAD remains rangebound for the most part looking for a catalyst. A strong jobs data release on Friday in Canada would be positive for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | April 2, 2014 | Daily Update |
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