FX Morning Update May 13, 2013
USD/CAD Open: 1.0125-1.0127 Overnight Range: 1.0105-1.0133
The Canadian dollar was rangebound in overnight trading. Oil is at $95.40 and gold is at $1,431. NY futures are lower. Today, US retail sales data is released.
The short term Canadian dollar technicals are bullish. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.
US retail sales data released this morning was better than expected with a 0.1% gain vs. an expected 0.6% loss. This indicates consumer spending was better than expected and if US consumers are spending then this is typically good for Canada and the Canadian dollar. Despite the positive retail sales data, commodities and equities are still lower and could put pressure on the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0050 – 1.0150
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 13, 2013 | Daily Update |
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