Canadian Dollar USD/CAD FX Morning Update October 11, 2013
FX Morning Update October 11, 2013
USD/CAD Open: 1.0392-1.0394 Overnight Range: 1.0375-1.0416
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.07 and gold is at $1,265. NY futures are flat today. Today, Canada releases employment data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0380, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
The focus remains the debt ceiling and government shutdown and it appears that a 6 week extension to the debt ceiling deadline is possible. Canadian employment data releases this morning was pretty much in line with expectations with 11.9k jobs created vs. expectations of 10k. The unemployment rate fell below 7%. As long as Canadian data can continue to be strong, this will help the Canadian dollar in the face of the risk-off US debt ceiling issues.
Today’s Suggested Range USD/CAD: 1.0325 – 1.0425
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 11, 2013 | Daily Update |
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