Canadian Dollar USD/CAD FX Morning Update September 9, 2013
USD/CAD Open: 1.0390-1.0393 Overnight Range: 1.0381-1.0422
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $110.02 and gold is at $1,387. NY futures are positive today. Today, there are no major data releases.
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.
Overseas markets were higher overnight on positive data from China. The focus continues to be on FED tapering expectations, economic data, and global tensions in Syria. Many expect tapering to be announced in September by the FED and this could be US dollar positive, however, if US bond yields climb too quickly, the FED could manage future tapering expectations. Canadian economic data needs to outperform for the Canadian dollar to surprise higher.
Today’s Suggested Range USD/CAD: 1.0380 – 1.0480
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 9, 2013 | Daily Update |
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