Canadian Dollar USD/CAD FX Morning Update November 12, 2013
USD/CAD Open: 1.0508-1.0510 Overnight Range: 1.0466-1.0510
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.71 and gold is at $1,280. NY futures are lower today. Today, there are no major data releases today.
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.
Broad gains for the US dollar are implying FED tapering could happen sooner than later and is a reality that markets have to accept. Strong US data numbers of late are solidifying this stance. Comments from FED speakers today will be watched closely. The US dollar has been slowly grinding higher of time and has momentum.
Today’s Suggested Range USD/CAD: 1.0450 – 1.0550
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 12, 2013 | Daily Update |
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