Canadian Dollar USD/CAD FX Morning Update August 23, 2013
USD/CAD Open: 1.0550-1.0552 Overnight Range: 1.0505-1.0565
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.55 and gold is at $1,373. NY futures are higher today. Today, there is a FED conference in Jackson Hole, Wyo. and the US releases new home sales and Canada releases CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
Overnight, German data was better than expected. Although Bernanke is not expected to be at the Jacskon Hole conference, this event will be closely followed for remarks on tapering and timing. The US dollar has been strong of late and gaining momentum and with weak Canadian data rereleases of late, expect the US dollar to continue to lead.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 23, 2013 | Daily Update |
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