Canadian Dollar USD/CAD FX Morning Update June 20, 2013
USD/CAD Open: 1.0342-1.0344 Overnight Range: 1.0265-1.0379
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $96.74 and gold is at $1,303. NY futures are negative today. Today, the US releases weekly jobless claims.
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 Canadian dollar has tanked after the FOMC statement yesterday. The FED essentially indicated that the quantitative easing program will ease sooner rather than later as the US economy is doing better than they expected and unemployment will reach their target ahead of expectations. Global equities, bonds, and commodities are down and the US dollar is up sharply.
Today’s Suggested Range USD/CAD: 1.0300 – 1.0400
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 20, 2013 | Daily Update |
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