Canadian Dollar USD/CAD FX Morning Update November 1, 2013
USD/CAD Open: 1.0424-1.0427 Overnight Range: 1.0415-1.0439
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.65 and gold is at $1,313. NY futures are higher today. Today, the US releases manufacturing data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0460, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Data releases will be closely followed to gauge the extent of the government shutdown on the economy. Any weakness in data could be a boost for the loonie as it could push back the tapering timeline. The Canadian dollar should follow equity markets directionally as it is typically an indicator of risk sentimnt.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 1, 2013 | Daily Update |
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