Canadian Dollar USD/CAD FX Morning Update December 17, 2013
USD/CAD Open: 1.0579-1.0581 Overnight Range: 1.0576-1.0596
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.61 and gold is at $1,233. US futures are mixed today. Today, US inflation data is released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
The FOMC meeting gets underway today with an announcement tomorrow. While a taper announcement for December is possible, many believe tapering will occur in January. The Canadian dollar continues to trade rangebound for the most part, looking for direction and the FOMC announcement tomorrow should be a catalyst to create some volatility.
Today’s Suggested Range USD/CAD: 1.0550 – 1.0650
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | December 17, 2013 | Daily Update |
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