Canadian Dollar FX Morning Update May 8, 2013
USD/CAD Open: 1.0043-1.0045 Overnight Range: 1.0041-1.0060
The Canadian dollar was rangebound in overnight trading. Oil is at $95.85 and gold is at $1,467. NY futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.
China reported a trade surplus better than many expected. Overseas markets had rallied overnight. The S&P 500 is at an all-time high – ever. However, commodity prices have not risen as much as equities. Look for the Canadian dollar to continue to follow risk sentiment and equities directionally.
Today’s Suggested Range USD/CAD: 1.0000 – 1.0100
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 8, 2013 | Daily Update |
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