USD/CAD Open: 1.1073-1.1075 March 13, 2014
USD/CAD Open: 1.1073-1.1075 Overnight Range: 1.1055-1.1119
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.79 and gold is at $1,369. US futures are higher. Today, the US releases retail sales and weekly jobless claims.
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.
US retail sales were stronger than expected and weekly jobless claims showed a better than expected drop boosting market sentiment. Growth currencies are outperforming today. The Canadian dollar seems to be benefiting from broader sentiment and look for it to follow market sentiment directionally.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 13, 2014 | Daily Update |
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