Canadian Dollar Forecast USD/CAD FX Morning Update July 24, 2013
USD/CAD Open: 1.0283-1.0285 Overnight Range: 1.0283-1.0313
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.88 and gold is at $1,336. NY futures are higher today. Today, the US releases new home sales.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0420, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
Overnight, disappointing Chinese PMI data was released. Yesterday’s retail sales data in Canada has supported the Canadian dollar as a sign the Canadian economy is strong. With limited data releases, look for the Canadian dollar to be impacted by broader market sentiment.
Today’s Suggested Range USD/CAD: 1.0225 – 1.0325
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 24, 2013 | Daily Update |
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