Canadian Dollar Currency Exchange March 10, 2014
USD/CAD Open: 1.1097-1.1099 Overnight Range: 1.1081-1.1130
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.21 and gold is at $1,339. US futures are lower. Today, Canada releases housing 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.
Chinese export data released overnight was worse than expected with exports falling 18.1%. On the flip side, US jobs data released on Friday had set a positive tone. The Chinese export data is worrisome as commodities and global growth concerns have started to rise. Weak Canadian jobs data on Friday also does not bode well for the loonie. Much of the Canadian dollar’s fate is going to be data dependent moving forward.
Today’s Suggested Range USD/CAD: 1.1070 – 1.1170
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 10, 2014 | Daily Update |
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