Canadian Dollar USD/CAD FX Morning Update July 15, 2013

USD/CAD Open: 1.0425-1.0427 Overnight Range: 1.0381-1.0427

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.08 and gold is at $1,281. NY futures are higher today. Today, the US releases retail sales data.

The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0599 and 1.0850. Support is at 1.0340, 1.0299, 1.0150, and 1.0010.

Chinese GDP numbers were in line with broad estimates overnight. The focus today will be on earnings reports and retail sales data as a gauge to see how the economy is doing and the potential impact on stimulus and interest rate policy.

Today’s Suggested Range USD/CAD: 1.0350 – 1.0450

Rahim Madhavji | Knightsbridge Foreign Exchange
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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 | July 15, 2013 | Daily Update | 0 comments
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