Canadian Dollar and US Dollar FX Morning Update May 29, 2013
USD/CAD Open: 1.0378-1.0380 Overnight Range: 1.0387-1.0420
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.14 and gold is at $1,392. NY futures are lower today. Today, there are no major data releases today.
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.
Decent US data released yesterday has many wondering what that means for the FED and their quantitative easing program pullback schedule. The OECD has warned that pullback of quantitative easing could hurt bonds and global growth. US bond yields are higher and the yield curve is steeper implying that the FED could reduce quantitative easing in the near future. The Bank of Canada policy announcement is today and no change is expected but markets will focus on the tone of the announcement.
Today’s Suggested Range USD/CAD: 1.0350 – 1.0450
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
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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.
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By Admin | May 29, 2013 | Daily Update | 0 comments