Canadian Dollar USD/CAD FX Morning Update July 2, 2013
USD/CAD Open: 1.0528-1.0530 Overnight Range: 1.0496-1.0525
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.61 and gold is at $1,253. NY futures are higher today. Today, the US releases factory order 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.
Canada returns from a long weekend today. The Canadian dollar continues to react to changes in the US dollar. The US dollar continues to react to growth prospects in the US and the Canadian dollar will continue to weaken if the Canadian economy doesn’t outpace the US economy in terms of growth. Markets are expected to be thinly traded at the end of the week due to the US holiday on Thursday.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 2, 2013 | Daily Update |
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