Canadian Dollar USD/CAD FX Morning Update June 19, 2013
USD/CAD Open: 1.0214-1.0216 Overnight Range: 1.0207-1.0240
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.37 and gold is at $1,371. NY futures are mixed today. Today, the FED releases its interest rate announcement.
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.
The FOMC discusses its monetary policy today and all eyes will be on the statement as no change in interest rates is expected. The focus will be on determining when quantitative easing will start to taper. The US dollar has generally been weaker when quantitative easing has is believed to continue.
Today’s Suggested Range USD/CAD: 1.0150 – 1.0250
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 19, 2013 | Daily Update |
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