Canadian Dollar USD/CAD FX Morning Update November 7, 2013
USD/CAD Open: 1.0410-1.0413 Overnight Range: 1.0406-1.0427
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.93 and gold is at $1,317. NY futures are lower today. Today, US GDP data is released.
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.
The ECB surprised markets with a rate cut and the market sentiment is positive, as a rate cut is generally pro-risk. The USD/CAD should follow headlines and continues to be rangebound for the most part. Prospects of FED tapering in early 2014 continue to drive USD/CAD.
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
www.knightsbridgefx.com
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.
By Admin | November 7, 2013 | Daily Update |
0 comments