Canadian Dollar USD/CAD FX Morning Update July 29, 2013
USD/CAD Open: 1.0271-1.0273 Overnight Range: 1.0263-1.0290
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.06 and gold is at $1,329. NY futures are negative today. Today, there the US releases pending home sales data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0420, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
GDP, payroll, and FOMC events later this week are the focus for many. The Canadian dollar has been quiet for the most part trading rangebound and looking for direction. Much of the direction will depend on the relative difference in growth between the Canadian and US economies and tapering expectations in the US.
Today’s Suggested Range USD/CAD: 1.0225 – 1.0325
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 29, 2013 | Daily Update |
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