Canadian Dollar USD/CAD FX Morning Update December 18, 2013
USD/CAD Open: 1.0637-1.0639 Overnight Range: 1.0602-1.0639
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.50 and gold is at $1,233. US futures are higher today. Today, the FOMC makes its policy announcement.
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.
Housing data in the US continues to improve with construction of new homes is at the highest level since Feb. 2008. The FOMC releases a statement this afternoon and it will be closely followed to see when tapering will occur. Many people believe tapering will occur in early 2014.
Today’s Suggested Range USD/CAD: 1.0550 – 1.0650
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 18, 2013 | Daily Update |
0 comments