FX Morning Update February 4, 2014
USD/CAD Open: 1.1091-1.1093 Overnight Range: 1.1061-1.1124
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.63 and gold is at $1,250. US futures are higher. Today, US factory data is released.
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.
Risk currencies are stronger overnight. The Canadian dollar should follow broader sentiment today with no major data releases today. Potential slowdown in global growth and emerging market risk weigh on the loonie. The Canadian dollar remains a risk-on currency and continues to look for signs of better than expected global growth.
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Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
Rahim Madhavji | Knightsbridge Foreign Exchange
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