FX Morning Update April 15, 2013

USD/CAD Open: 1.0203-1.0205 Overnight Range: 1.0125-1.0226

The Canadian dollar was volatile in overnight trading. Oil is at $89.60 and gold is at $1,409. NY futures are lower. Today, Empire State Mfg. data is released.

The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0050, and 1.0010.

Overnight, Chinese GDP data was worse than expected sending equity and commodity markets lower. Gold and oil have taken a hit and are lower. Oil is below $90/bbl. Gold has fallen almost $100/oz over the last few days. The loonie, a commodity currency, has fallen as a result as well. The risk off trade typically benefits the US dollar.

Today’s Suggested Range USD/CAD: 1.0150 – 1.0250

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

To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. 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 | April 15, 2013 | Daily Update | 0 comments