Canadian Dollar USD/CAD FX Morning Update August 15, 2013

USD/CAD Open: 1.0328-1.0330 Overnight Range: 1.0305-1.0342

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.42 and gold is at $1,324. NY futures are negative today. Today, the US releases weekly jobless claims, industrial production, and Philly Fed data.

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.

US futures are sharply lower after poor earnings results from Walmart and Cisco. Oil prices are climbing higher after tensions in Egypt escalate. Data releases today could cause some volatility. The USD/CAD remains rangebound for the most part looking for direction.

Today’s Suggested Range USD/CAD: 1.0275 – 1.0375

Rahim Madhavji | Knightsbridge Foreign Exchange
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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 15, 2013 | Daily Update | 0 comments
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