Canadian Dollar USD/CAD Morning Update May 8, 2014
USD/CAD Open: 1.0880-1.0882 Overnight Range: 1.0862-1.0899
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.30 and gold is at $1,289. US futures are mixed. Today, the US releases weekly jobless claims.
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 ECB left rates unchanged but indicated it could add stimulus soon and hinted the Euro is too strong. Weekly jobless claims data was slightly better than expected this morning. The Canadian dollar has held on to recent gains and the focus is on Canadian jobs data to be released tomorrow. A positive jobs data could be the catalyst for the loonie to rise.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 8, 2014 | Daily Update |
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