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
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
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Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | August 22, 2013 | Daily Update | 0 comments