Canadian Dollar USD/CAD FX Morning Update December 11, 2013
USD/CAD Open: 1.0595-1.0597 Overnight Range: 1.0586-1.0615
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.35 and gold is at $1,259. NY futures are flat today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
With no major data releases today, the USD/CAD should be rangebound for the most part following flow of funds. Oil prices have been firmer of late helping the loonie regain some lost ground. The focus remains on the Fed and tapering prospects.
Today’s Suggested Range USD/CAD: 1.0550 – 1.0650
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.
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By Admin | December 11, 2013 | Daily Update | 0 comments