Canadian Dollar FX Morning Update October 1, 2013 Overnight Range: 1.0287-1.0330
USD/CAD Open: 1.0301-1.0303 Overnight Range: 1.0287-1.0330
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.09 and gold is at $1,313. NY futures are higher today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0360, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
US government shutdown is taking effect as a deal could not be reached at the 11th hour in the political front. Markets have largely ignored the lack of resolution but if the shutdown lingers it could impact real economic growth. While a government shutdown is bad for the Canadian dollar, it could push FED tapering out even further with the uncertainty this creates and its economic impact unknown – lack of tapering bodes well for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
Rahim Madhavji | Knightsbridge Foreign Exchange
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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 | October 1, 2013 | Daily Update | 0 comments