Canadian Dollar USD/CAD FX Morning Update September 13, 2013

USD/CAD Open: 1.0330-1.0332 Overnight Range: 1.0316-1.0345

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.92 and gold is at $1,318. NY futures are higher today. Today, the US releases retail sales and consumer sentiment data.

The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0250 and 1.0150.

US retail sales data released this morning was mixed with previous numbers revised higher and this month’s data at 0.2% below expectations of 0.5%. All eyes are on the FED meeting next week to discuss tapering which is largely Canadian dollar negative. The Canadian dollar needs the Canadian economy and interest rate prospects to rise to gain some momentum vs. the US dollar based on historical correlations.

Today’s Suggested Range USD/CAD: 1.0290 – 1.0390

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 13, 2013 | Daily Update | 0 comments