Canadian Dollar USD/CAD FX Morning Update December 19, 2013
USD/CAD Open: 1.0707-1.0709 Overnight Range: 1.0696-1.06729
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.68 and gold is at $1,203. US futures are lower today. Today, US weekly jobless claims are 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.
Gold has fallen sharply since the FOMC announced tapering will commence in January. The USD dollar is higher post FOMC news. The Canadian dollar may need domestic economic data to surprise along with rising inflation for the Bank of Canada to start leaning towards tightening. With the FOMC moving towards tightening, flows are moving towards the USD.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 19, 2013 | Daily Update |
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