Canadian Dollar USD/CAD FX Morning Update August 7, 2013
USD/CAD Open: 1.0427-1.0429 Overnight Range: 1.0369-1.0429
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $105.11 and gold is at $1,278. NY futures are lower today. Today, there are no major data releases.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0430, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
US futures are lower on chatter that the US FED will start to taper in September and potentially on some profit taking. With volumes generally lighter in August, this could make for some exacerbated moves. The Canadian dollar is lower on FED tapering talk and expect this to continue to impact the Canadian dollar until domestic economic data produces positive results.
Today’s Suggested Range USD/CAD: 1.0350 – 1.0450
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 7, 2013 | Daily Update |
0 comments