Canadian Dollar USD/CAD Morning Update May 15, 2014
USD/CAD Open: 1.0875-1.0878 Overnight Range: 1.0851-1.0892
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.99 and gold is at $1,295. US futures are lower. Today, the US releases weekly jobless claims and CPI 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.
Eurozone growth data released overnight was worse than expected creating negative risk sentiment. US weekly jobless claims released this morning was better than expected at 297k, the lowest level since 2007, a sign that employers are not firing. The Canadian dollar continues to trade in very tight ranges and is rangebound near the 1.10 level, quite content in its recent range.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 15, 2014 | Daily Update |
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