FX Morning Update February 14, 2014
USD/CAD Open: 1.1001-1.1003 Overnight Range: 1.0976-1.1026
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.76 and gold is at $1,316. US futures are mixed. Today, the US releases industrial production and consumer sentiment 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.
The USD has been generally weak over the last few days. Overall volatility is lower and equities are higher. Overnight, eurozone GDP growth was better than expected. FED interest rate hike expectations have been pushed out to the end of 2015, which bodes well for the Canadian dollar. As long as Canadian economic data outperforms, the Canadian dollar should gain strength.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | February 14, 2014 | Daily Update |
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