Canadian Dollar USD/CAD FX Morning Update August 2, 2013
USD/CAD Open: 1.0390-1.0392 Overnight Range: 1.0345-1.0393
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.10 and gold is at $1,310. NY futures are mixed today. Today, the US releases payroll data.
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 USD is broadly higher overnight as momentum from yesterday continues. US jobs data numbers this morning disappoints with 162k jobs vs. 180k expected. US futures slipped after the data. The data highlights that the US economy is still facing some headwinds and a slow growth path likely remains. The weak jobs data today does not boost the case for FED tapering sooner rather than later.
Today’s Suggested Range USD/CAD: 1.0300 – 1.0400
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.
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By Admin | August 2, 2013 | Daily Update | 0 comments