Canadian Dollar USD/CAD Foreign Exchange Morning Update August 20, 2013
USD/CAD Open: 1.0375-1.0378 Overnight Range: 1.0342-1.0379
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.47 and gold is at $1,367. NY futures are positive today. Today, there are no major data releases.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0430, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
Retail corporate earnings releases this morning have helped push US futures higher. Much of the focus remains on tomorrow’s FED minutes release. Risk aversion remains the theme with potential FED tapering to take place soon and a shift away from emerging markets to the safe haven currency the USD.
Today’s Suggested Range USD/CAD: 1.0350 – 1.0450
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 20, 2013 | Daily Update | 0 comments