Canadian Dollar and US Dollar FX Morning Update June 4, 2013
USD/CAD Open: 1.0320-1.0322 Overnight Range: 1.0280-1.0331
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $93.44 and gold is at $1,397. NY futures are positive today. Today, the US releases trade balance data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0450, and 1.0599. Support is at 1.0235, 1.0150, and 1.0010.
US home price data continues to show increases for the US housing market, which is a positive sign for the US economy and US consumers. The Canadian dollar seems to be rallying on bad US data, which is thought to continue quantitative easing programs in the US for longer.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 4, 2013 | Daily Update | 0 comments