Canadian Dollar USD/CAD FX Morning Update November 15, 2013
USD/CAD Open: 1.0463-1.0465 Overnight Range: 1.0462-1.0485
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.82 and gold is at $1,284. NY futures are higher today. Today, Empire State Mfg. Index and Industrial Production data is released.
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.
USD/CAD continues to be rangebound for the most part as markets look forward to data releases for direction. Many expect the USD to rally towards the end of the year as strong US economic data pushes the Fed to act sooner rather than later with respect to tapering timing. The Canadian dollar could benefit if strong Canadian economic data surprised to the upside.
Today’s Suggested Range USD/CAD: 1.0450 – 1.0550
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 15, 2013 | Daily Update |
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