Canadian Dollar USD/CAD FX Morning Update July 19, 2013

USD/CAD Open: 1.0385-1.0387 Overnight Range: 1.0361-1.0390

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $109.07 and gold is at $1,290. NY futures are lower today. Today, Canada releases CPI 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.

Canadian CPI is the only data piece today and a stronger than expected number could cause the Canadian dollar to rally. Oil prices continue to climb and are quite strong, which is a Canadian dollar positive. The USD/CAD has been rangebound of late looking for a catalyst.

Today’s Suggested Range USD/CAD: 1.0325 – 1.0425

Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
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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 | July 19, 2013 | Daily Update | 0 comments
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