Canadian Dollar USD/CAD FX Morning Update August 1, 2013
USD/CAD Open: 1.0288-1.0290 Overnight Range: 1.0265-1.0302
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.04 and gold is at $1,323. NY futures are higher today. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0420, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
The FOMC did not provide much new information on tapering yesterday and the USD/CAD remains rangebound. US weekly jobless claims this morning were better than expected. Overnight, Chinese manufacturing data was also better than expected. All eyes are now on tomorrow’s jobs data report, which could create some volatility in the USD/CAD.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 1, 2013 | Daily Update |
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