Canadian Dollar FX Morning Update December 30, 2013
USD/CAD Open: 1.0711-1.0713 Overnight Range: 1.0693-1.0728
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.82 and gold is at $1,204. US futures are mixed today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
Markets appear to be quieter and volumes should be lighter as many people are on holidays. The Canadian dollar appears soft as the main themes of low inflation in Canada, rising US yields, FED tapering imminent, and no significant outperformance of Canada’s economy relative to expectations is all helping the US dollar outperform the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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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.
By Admin | December 30, 2013 | Daily Update |
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