USD/CAD Canadian Dollar FX Morning Update August 29, 2013
USD/CAD Open: 1.0501-1.0503 Overnight Range: 1.0479-1.0507
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $109.45 and gold is at $1,412. NY futures are mixed today. Today, the US releases GDP data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0470, 1.0250, and 1.0150.
The US and UK seem to be indicating that a strike on Syria may not be imminent or in the cards and this has relieved markets. US revised GDP for Q2 was revised higher. US weekly jobless claims released today were as expected. If global tensions are reduced and US economic data continues to outperform, the US dollar should continue its momentum on the back of FED tapering.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 29, 2013 | Daily Update |
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