Canadian Dollar USD/CAD FX Morning Update August 27, 2013

USD/CAD Open: 1.0529-1.0531 Overnight Range: 1.0497-1.0539

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $108.09 and gold is at $1,419. NY futures are lower today. Today, the US releases home price and consumer confidence data.

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.

Oil prices are higher over worries over intervention in Syria and markets are starting to worry slightly as well. The US debt ceiling will be hit in October and this could be a drawn out battle between Republicans and Democrats causing some uncertainty over time. The US dollar remains strong on the back of FED tapering to commence in September.

Today’s Suggested Range USD/CAD: 1.0475 – 1.0575

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 27, 2013 | Daily Update | 0 comments