Canadian Dollar USD/CAD FX Morning Update August 28, 2013
USD/CAD Open: 1.0501-1.0503 Overnight Range: 1.0476-1.0511
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $110.44 and gold is at $1,429. NY futures are higher today. There are no major data releases today.
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 continue to climb as tensions in Syria escalate with possible US intervention. There are a lot of factors to consider that could impact the Canadian dollar. Escalating tensions in the middle-east could result in much higher oil prices and this could derail global economic growth, which is typically US dollar positive. This could also result in the FED delaying tapering due to global tensions, which could be Canadian dollar positive.
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
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 28, 2013 | Daily Update | 0 comments