FX Morning Update August 25, 2011
USD/CAD Open: 0.9865-69 Overnight Range: 0.9856-0.9890
The Canadian dollar traded quietly again overnight. Yesterday’s US durable goods order data was better than expected. NY futures are flat. Oil is at $85.87 and gold is lower at $1,724. The US releases weekly jobless claims and the Global economic symposium kick’s off today.
The short term Canadian dollar technicals remain negative. For the most part, the USD/CAD continues to trade between 0.9750 to 0.9950 over the last few weeks. For today, USD resistance is at 0.9905, 0.9955, 0.9974, and 0.9999. Support is at 0.9850, 0.9801, 0.9775 and 0.9667.
Traders are positioning themselves for tomorrow’s Bernanke speech at the Fed symposium, where he may provide guidance on further stimulus. With inflation at higher levels today compared to a year ago, the Fed may be less likely to stimulate the economy. Look for the same trading range today as there is not much data on the agenda and the loonie should follow equities directionally.
Today’s Range: 0.9810 – 0.9910
By Admin | September 11, 2011 | Daily Update | 0 comments