USD/CAD FX Morning Update August 22, 2013
USD/CAD Open: 1.0495-1.0498 Overnight Range: 1.0471-1.0499
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.19 and gold is at $1,372. NY futures are higher today. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
The US dollar continued to rise overnight after the release of FED minutes yesterday which reiterated tapering to take place before the end of the year. The US dollar continues to benefit from the flow of funds from emerging market currencies to the US dollar. With the US dollar breaking above its recent range, momentum is again on its side.
Today’s Suggested Range USD/CAD: 1.0450 – 1.0550
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 22, 2013 | Daily Update |
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