Canadian Dollar USD/CAD FX Morning Update July 8, 2013
USD/CAD Open: 1.0564-1.0566 Overnight Range: 1.0555-1.0585
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.32 and gold is at $1,235. NY futures are higher today. Today, there are no major data releases today.
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.
The US dollar remains strong after the strong payroll numbers reported in the US on Friday. The focus continues to be on the timing of FED tapering the FOMC minutes are released Wednesday which could provide some further insight. The Canadian dollar continues to be weak and needs Canadian economic data to surprise to the upside as this may help it gain momentum.
Today’s Suggested Range USD/CAD: 1.0499 – 1.0599
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.
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By Admin | July 8, 2013 | Daily Update | 0 comments