Canadian Dollar USD/CAD FX Morning Update August 8, 2013

USD/CAD Open: 1.0409-1.0411 Overnight Range: 1.0398-1.0430

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.37 and gold is at $1,291. NY futures are higher today. Today, the US releases weekly jobless claims data.

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.

Overnight, Chinese trade data was better than expected. US weekly jobless claims data came in as expected today remaining near a five year low. The USD/CAD seems to be consolidating for the most part, looking for direction.

Today’s Suggested Range USD/CAD: 1.0350 – 1.0450

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 8, 2013 | Daily Update | 0 comments
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