Canadian Dollar FX Morning Update May 23, 2013
USD/CAD Open: 1.03141-1.0343 Overnight Range: 1.0323-1.0391
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $92.80 and gold is at $1,385. NY futures are lower. Today, US weekly jobless claims are released.
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.
Overseas equities fell sharply overnight and this has flowed over in to US markets today. Fears of the FED lessening their bond buying program and weak Chinese data overnight has markets caused for concern. The Canadian dollar reached a yearly low overnight but has since rallied. The Canadian dollar continues to react to directional movements of broad USD dollar moves.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 23, 2013 | Daily Update |
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