Canadian Dollar USD/CAD FX Morning Update June 28, 2013
USD/CAD Open: 1.0482-1.0484 Overnight Range: 1.0454-1.0499
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.97 and gold is at $1,193. NY futures are lower today. Today, the US releases Chicago PMI and consumer confidence data and Canada releases GDP data.
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 Fed officials have been commenting that there is still no yet set date in mind for reducing Fed purchases and that has had markets in a more positive mood of late. Today is month-end and quarter-end rebalancing and that could cause some volatility in the USD/CAD. The Canadian dollar should benefit from strong domestic data in Canada.
Today’s Suggested Range USD/CAD: 1.0420 – 1.0520
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | June 28, 2013 | Daily Update |
0 comments