Canadian Dollar USD/CAD FX Morning Update June 18, 2013
USD/CAD Open: 1.0200-1.0202 Overnight Range: 1.0177-1.0202
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.21 and gold is at $1,374. NY futures are higher today. Today, the US releases CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0275, 1.0450, and 1.0599. Support is at 1.0150, and 1.0010.
US inflation data released today remained in line with broad expectations. A rise in inflation would encourage the FED to raise rates sooner rather than later, which would be Canadian dollar negative. The focus remains on the FED statement to be released tomorrow and how quantitative easing will taper in the future. It is generally Canadian dollar negative if the FED tapers quantitative easing sooner rather than later.
Today’s Suggested Range USD/CAD: 1.0125 – 1.0225
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 18, 2013 | Daily Update |
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