Canadian Dollar USD/CAD FX Morning Update December 16, 2013
USD/CAD Open: 1.0594-1.0596 Overnight Range: 1.0576-1.0596
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.25 and gold is at $1,234. NY futures are higher today. Today, US industrial production data is released.
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.
Eurozone business activity data was better than expected overseas. The FOMC meets this week and announces a policy update on Wednesday. Markets will be closely following to determine if tapering will occur this month. Canadian CPI data released at the end of the week will also impact the loonie as the Bank of Canada is closely following inflation data.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
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 | December 16, 2013 | Daily Update |
0 comments