Canadian Dollar USD/CAD FX Morning Update October 18, 2013
USD/CAD Open: 1.0295-1.0297 Overnight Range: 1.0285-1.0303
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.40 and gold is at $1,318. NY futures are higher today. Today, Canada releases CPI 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.
Chinese GDP data grew at 7.8% which was released overnight, which has improved risk sentiment. Corporate earnings remain a key theme to follow along with economic data releases to gauge the direction of the economy. FED tapering looks like it could be delayed and markets will be closely following tapering timing, which has typically moved the USD/CAD.
Today’s Suggested Range USD/CAD: 1.0255 – 1.0355
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 18, 2013 | Daily Update |
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