Canadian Dollar USD/CAD FX Morning Update August 26, 2013
USD/CAD Open: 1.0520-1.0522 Overnight Range: 1.0496-1.0522
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.23 and gold is at $1,396. NY futures are lower today. Today, US durable goods data is released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0470, 1.0250, and 1.0150.
UK markets are closed today for a holiday, which may reduce trading volumes. The US dollar remains strong and has momentum on its side. Fed tapering remains the key market theme with a September or December tapering start and much of this depends on data releases which are being followed closely.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 26, 2013 | Daily Update |
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