Canadian Dollar and US Dollar FX Morning Update May 15, 2013
USD/CAD Open: 1.0210-1.0212 Overnight Range: 1.0178-1.0212
The Canadian dollar was rangebound in overnight trading. Oil is at $93.14 and gold is at $1,409. NY futures are lower. Today, US wholesale data and Empire Mfg. data are released.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.
The USD is up sharply over the last few days. Just when it seemed like the Canadian dollar was going to touch parity, it did a 360 turn and the US dollar headed higher. Worse than expected eurozone GDP data overnight has caused some to believe the global recovery could stall, which is negative for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0150 – 1.0250
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 15, 2013 | Daily Update |
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