Canadian Dollar USD/CAD FX Morning Update August 19, 2013
USD/CAD Open: 1.0333-1.0335 Overnight Range: 1.0316-1.0341
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.92 and gold is at $1,374. NY futures are flat 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.
The USD/CAD continues to be rangebound and consolidating between 1.0250 and 1.0450 for the most part, looking for a catalyst. US bond yields continue to rise in a sign that FED tapering may take place soon. Recent Canadian data releases have not been overwhelmingly positive and this does not bode well for the Canadian dollar in the face of strong US data and possible US tapering.
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
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.
Stop overpaying with
your bank on foreign exchange
We are built to beat bank exchange rates and save you money
By Admin | August 19, 2013 | Daily Update | 0 comments