Canadian Dollar FX Morning Update May 22, 2013
USD/CAD Open: 1.0310-1.0310 Overnight Range: 1.0260-1.0331
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $95.23 and gold is at $1,390. NY futures are higher. Today, Bernanke speaks today and the FED releases its minutes.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0150, 1.0010, and 0.9950.
All eyes will be on Ben Bernanke and his comments today as the focus will be on any language indicating how long quantitative easing will continue. He may not give any hints at all. FED minutes to be released today could also give a clearer insight in to the thoughts of FED members. The Canadian dollar continues to be on the defensive and any pullback of quantitative easing could be negative for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 22, 2013 | Daily Update |
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