Canadian Dollar USD/CAD FX Morning Update December 13, 2013
USD/CAD Open: 1.0664-1.0667 Overnight Range: 1.0623-1.0670
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.70 and gold is at $1,231. 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 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
The House has passed a budget bill which could avoid a government shutdown. US yields continue to move slightly higher. Gov. Poloz suggested yesterday that inflation or lack thereof remains the biggest concern. The Canadian dollar fell along with the AUD suggesting there could be a correlation between the two.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 13, 2013 | Daily Update |
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