Canadian Dollar USD/CAD Morning Update March 12, 2014
USD/CAD Open: 1.1152-1.1154 Overnight Range: 1.1096-1.1154
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.29 and gold is at $1,365. US futures are lower. Today, there are no major data releases today.
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.
Market sentiment is negative with Chinese growth concerns leading the way. Copper prices are falling and are at its lowest level since July 2010. Oil prices are also down. Declining global growth sentiment and thirst for commodities does not bode well for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1070 – 1.1170
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 12, 2014 | Daily Update |
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