FX Morning Update Aug.25
USD/CAD Open 1.0513-18 Overnight Range 1.0576-1.0620
The Canadian dollar is on the defensive having bounced off US dollar support at 1.0575 overnight and now trading above the overnight high at 1.0620 pointing to a retest of yesterday’s 1.0655-60 high. Meanwhile, the risk aversion theme remains intact supported by the downgrade of Ireland’s long term debt to AA-. The news was offset by stronger than expected German economic data. In Asia, fears of BoJ intervention caused the JPY to retreat. Oil prices are flat to down ($71.58) while gold is up $5.70 to $1,239.10.
The short term Canadian dollar technicals are bearish looking for 1.0675 and then 1.0775. For today, USD support is at 1.0605 and 1.0580. Resistance is at 1.0660 and 1.0720.
Today’s Range 1.0610-1.0670
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 11, 2011 | Daily Update | 0 comments