Canadian Dollar USD/CAD FX Morning Update October 16, 2013
USD/CAD Open: 1.0367-1.0369 Overnight Range: 1.0362-1.0386
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.97 and gold is at $1,277. NY futures are higher today. Today, the FED beige book data is released.
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.
Optimism still exists that a deal can be reached in advance of the debt ceiling deadline. US corporate earnings continue to be released. Fitch has put US credit on negative watch. It still seems like the most likely scenario is to get a deal done that kicks the can forward a few months to deal with again. USD/CAD remains rangebound for the most part looking for direction.
Today’s Suggested Range USD/CAD: 1.0325 – 1.0425
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 16, 2013 | Daily Update |
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