Canadian Dollar USD/CAD FX Morning Update November 21, 2013
USD/CAD Open: 1.0461-1.0463 Overnight Range: 1.0450-1.0475
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.35 and gold is at $1,241. NY futures are higher today. Today, the US releases weekly jobless claims.
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.
US weekly jobless claims were better than expected this morning and the US dollar is higher. US long term yields are higher. The FED minutes indicated yesterday tapering could occur in the coming months. The focus remains on long term yields, higher US yields could result in a higher US dollar.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | November 21, 2013 | Daily Update | 0 comments