Canadian Dollar USD/CAD FX Morning Update June 21, 2013
USD/CAD Open: 1.0400-1.0401 Overnight Range: 1.0365-1.0425
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $95.11 and gold is at $1,289. NY futures are higher today. Today, Canada releases retail sales and CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0450, and 1.0599. Support is at 1.0299, 1.0150, and 1.0010.
The Canadian dollar is lower again this morning based on poor retail sales numbers released in Canada. Canadian retail sales data were negative at -0.3% whereas expectations were for 0% growth. The Canadian dollar lost some ground fairly quickly as poor retail sales is typically negative news for the Canadian economy. The CPI data also rose less than expected, indicating inflation is not a threat, reducing the need for interest rate hikes.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 21, 2013 | Daily Update |
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