Canadian Dollar FX Morning Update May 21, 2013
FX Morning Update May 21, 2013
USD/CAD Open: 1.0280-1.0283 Overnight Range: 1.0233-1.0285
The Canadian dollar was rangebound in overnight trading. Oil is at $96.40 and gold is at $1,372. NY futures are mixed. Today, there are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0150, 1.0010, and 0.9950.
The focus remains on the FED and determining if the FED will start to decrease its quantitative easing program as FED members have speaking engagements today. The US dollar has been strong of late and the Canadian dollar has been weak and unable to maintain gains.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 21, 2013 | Daily Update |
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