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
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com

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 | August 20, 2013 | Daily Update | 0 comments
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