Canadian Dollar USD/CAD FX Morning Update January 6, 2014
USD/CAD Open: 1.0669-1.0670 Overnight Range: 1.0608-1.0681
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.15 and gold is at $1,240. US futures are higher today. Today, US service sector and factory order data are released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
Fed minutes are released this week along with employment data at the end of the week. The USD/CAD has been rangebound between 1.06 and 1.07 for the most part looking for direction. Interest rates continue to be a big driver of the USD/CAD. Many expect Canadian dollar weakness to continue until inflation picks up in Canada.
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.
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By Admin | January 6, 2014 | Daily Update | 0 comments