Canadian Dollar USD/CAD FX Morning Update December 27, 2013

USD/CAD Open: 1.0650-1.0653 Overnight Range: 1.0620-1.0670

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.07 and gold is at $1,217. US 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.

Volumes should be light as many people are on holidays. US yields have reached 3% and continue to move slightly higher over time, which typically bodes well for the US dollar. Expect some choppy and rangebound trading for the most part.

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

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 27, 2013 | Daily Update | 0 comments
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