Canadian Dollar USD/CAD FX Morning Update September 4, 2013
USD/CAD Open: 1.0495-1.0497 Overnight Range: 1.0480-1.0540
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $108.01 and gold is at $1,402. NY futures are mixed today. Today, the US releases trade and beige book data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0470, 1.0250, and 1.0150.
Geopolitical risks and economic data continued to be followed closely. Overseas markets were lower on worries over military strikes in Syria. The Bank of Canada meets today to discuss its interest rate policy, which is not expected to change. Any hint in its statement of potential interest rate hikes could rally the Canadian dollar but this is not expected.
Today’s Suggested Range USD/CAD: 1.0450 – 1.0550
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 4, 2013 | Daily Update |
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