Canadian Dollar FX Morning Update November 26, 2013
FX Morning Update November 26, 2013
USD/CAD Open: 1.0539-1.0541 Overnight Range: 1.0523-1.0545
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.16 and gold is at $1,246. NY futures are mixed today. Today, US building permit data and consumer confidence data are released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0270, 1.0150, and 1.0010.
The USD/CAD continues to be rangebound and seeks direction from global growth, commodity, and relative interest rates. With the Bank of Canada not expected to move on interest rates anytime soon, the loonie will need support from Chinese and global growth, commodity prices, and a strong domestic economy.
Today’s Suggested Range USD/CAD: 1.0500 – 1.0600
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 | November 26, 2013 | Daily Update | 0 comments