Canadian Dollar USD/CAD FX Morning Update September 11, 2013
USD/CAD Open: 1.0336-1.0339 Overnight Range: 1.0332-1.0365
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.37 and gold is at $1,362. 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 1.0580 and 1.0850. Support is at 1.0250 and 1.0150.
US congress has been asked to postpone intervention in Syria, which is positive for the risk-on trade. The Canadian dollar continues to be correlated to commodities and equities directionally. The USD/CAD could be rangebound for the most part until major data releases move markets.
Today’s Suggested Range USD/CAD: 1.0310 – 1.0410
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | September 11, 2013 | Daily Update |
0 comments