Canadian Dollar USD/CAD FX Morning Update December 4, 2013

USD/CAD Open: 1.0662-1.0664 Overnight Range: 1.0639-1.0679

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.08 and gold is at $1,224. NY futures are lower today. Today, the Bank of Canada releases its policy update.

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.

US futures are lower and the US dollar is slightly higher. There are no changes in interest rates expected today from the Bank of Canada but all eyes are on the statement. The Canadian dollar remains subdued despite oil prices moving higher, suggesting tapering is the real driver.

Today’s Suggested Range USD/CAD: 1.0600 – 1.0700

Rahim Madhavji | Knightsbridge Foreign Exchange
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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 4, 2013 | Daily Update | 0 comments
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