Canadian Dollar and US Dollar FX Morning Update May 31, 2013
USD/CAD Open: 1.0341-1.0344 Overnight Range: 1.0297-1.0367
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $92.96 and gold is at $1,407. NY futures are negative today. Today, the US releases consumer spending and Chicago PMI 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.
Month end flows could add to volatility today. Canada releases GDP data today which could influence the Canadian dollar positively should the numbers be better than expected. The Canadian dollar continues to react to the broad broadly US dollar moves.
Today’s Suggested Range USD/CAD: 1.0300 – 1.0400
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 31, 2013 | Daily Update |
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