Canadian Dollar FX Morning Update May 9, 2013
USD/CAD Open: 1.0022-1.0024 Overnight Range: 1.0015-1.0037
The Canadian dollar was rangebound in overnight trading. Oil is at $96.10 and gold is at $1,464. NY futures are lower. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.
US weekly jobless claims came in better than expected with 323,000 claims vs. 335,000 claims expected. Overnight, Chinese inflation was stronger than expected. Equity markets are taking a step back after a number of days of strong gains. The loonie is flirting with parity.
Today’s Suggested Range USD/CAD: 1.0000 – 1.0100
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 9, 2013 | Daily Update |
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