Canadian Dollar USD/CAD Morning Update May 7, 2014
USD/CAD Open: 1.0898-1.0899 Overnight Range: 1.0875-1.0909
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.08 and gold is at $1,304. US futures are higher. Today, the US releases productivity data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
The Canadian dollar has maintained its gains over the last day. The FED’s Yellen speaks today and tapering will likely be discussed. The loonie’s rally has mostly been driven by broad US dollar weakness. Look for the Canadian dollar to be rangebound until jobs data at the end of the week.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com
To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | May 7, 2014 | Daily Update |
0 comments