Canadian Dollar USD/CAD FX Morning Update August 16, 2013
USD/CAD Open: 1.0327-1.0329 Overnight Range: 1.0295-1.0331
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.43 and gold is at $1,364. NY futures are positive today. Today, the US releases University of Mich. consumer sentiment 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.
The USD/CAD continues to trade rangebound and looking for direction for the most part despite some volatility in equity markets. Tensions in Egypt, tapering timeline, and corporate earnings remain the key themes to focus on that could move the Canadian dollar. If US bond yields continue to rise as a sign of potential tapering soon, the US dollar could gain some flow of funds and rise.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
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 16, 2013 | Daily Update |
0 comments