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
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

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 | June 4, 2013 | Daily Update | 0 comments
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