Canadian Dollar USD/CAD FX Morning Update November 28, 2013
USD/CAD Open: 1.0585-1.0587 Overnight Range: 1.0570-1.0599
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.16 and gold is at $1,243. NY markets are closed 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.
US Thanksgiving will have the USD/CAD a lot quieter today. The USD/CAD reached a 4 month low yesterday. Many continue to expect the Canadian dollar to weaken as oil prices continue to be weaker, FED tapering will occur sooner rather than later, and inflation is not a threat in Canada.
Today’s Suggested Range USD/CAD: 1.0550 – 1.0650
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | November 28, 2013 | Daily Update | 0 comments