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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By Admin | October 1, 2013 | Daily Update | 0 comments