Canadian Dollar USD/CAD FX Morning Update June 24, 2013
USD/CAD Open: 1.0495-1.0497 Overnight Range: 1.0462-1.0530
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $93.57 and gold is at $1,289. NY futures are lower today. Today, there are no major data releases.
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.
US future are lower this morning following a global selloff led by China, as Chinese stocks fell almost 6% overnight on a cash crunch fear in China. Commodities are also lower. The Canadian dollar has fallen sharply as the flow of funds has fled to safety in the US dollar. While global sentiment remains negative, the US dollar continues to thrive.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | June 24, 2013 | Daily Update |
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