Canadian Dollar FX Morning Update March 6, 2014
USD/CAD Open: 1.1022-1.1024 Overnight Range: 1.1005-1.1047
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.89 and gold is at $1,343. US futures are higher. Today, the US releases 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 weekly jobless claims releases this morning were better than expected. The ECB indicated rates will stay low in Europe for a long time. With the situation in Ukraine settling down, the Canadian dollar is stronger. The Bank of Canada statement yesterday was neutral and future policy actions will be based on economic data. The thought of a rate cut in Canada has disappeared.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 6, 2014 | Daily Update |
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