Canadian Dollar USD/CAD FX Morning Update September 16, 2013
USD/CAD Open: 1.0301-1.0303 Overnight Range: 1.0298-1.0350
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $106.27 and gold is at $1,316. NY futures are higher today. Today, the US releases industrial production and capacity utilization 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 equities along with the Canadian dollar are higher overnight on some news that former Treasury Secretary Lawrence Summers withdrew from being a candidate for Bernanke’s replacement. It was believed Summers would be more hawkish and less stimulus friendly. The FED meets on Wednesday and could begin withdrawing stimulus, which is typically US dollar friendly.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
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 | September 16, 2013 | Daily Update |
0 comments