FX Morning Update December 20, 2013
USD/CAD Open: 1.0670-1.0673 Overnight Range: 1.0662-1.0690
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.94 and gold is at $1,197. US futures are higher today. Today, Canada releases retail sales and CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
Gold has fallen, US yields are higher. Canadian inflation data released this morning was below expectations and this pushed the Canadian dollar slightly lower. With inflation below expectations, there is no pressure on the Bank of Canada to rush to raise interest rates. USD GDP data released this morning was better than expected.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 20, 2013 | Daily Update |
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