Canadian Dollar USD/CAD FX Morning Update August 6, 2013
USD/CAD Open: 1.0379-1.0380 Overnight Range: 1.0350-1.0380
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.99 and gold is at $1,288. NY futures are mixed today. Today, the US releases trade 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 USDCAD continues to be rangebound for the most part and light August trading could limit volatility until data releases. Oil prices remain strong but the focus on data releases should drive the direction of the Canadian dollar for the most part.
Today’s Suggested Range USD/CAD: 1.0320 – 1.0420
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.
By Admin | August 6, 2013 | Daily Update |
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