USD/CAD Open: 1.1221-1.1223 Canadian Dollar Morning Update March 24, 2014
USD/CAD Open: 1.1221-1.1223 Overnight Range: 1.1207-1.1247
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.98 and gold is at $1,325. US futures are higher. Today, the US releases PMI 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 PMI data released overnight was weaker than expected, continuing to highlight that growth in China is slowing. The Canadian dollar is trading at its lowest level since July 2009 and much of it is due to an implied weak Bank of Canada policy on interest rate expectations. The US dollar seems to be benefiting from strong economic data and FED expectations of higher interest rates. Strong economic data from the US this week could continue the US dollars momentum.
Today’s Suggested Range USD/CAD: 1.1150 – 1.1299
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | March 24, 2014 | Daily Update |
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