Canadian Dollar USD/CAD FX Morning Update October 30, 2013

USD/CAD Open: 1.0451-1.0454 Overnight Range: 1.0452-1.0474

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.28 and gold is at $1,355. NY futures are higher today. Today, the FED releases its interest rate policy announcement.

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.

All eyes are on the Federal Reserve and their interest rate policy announcement. No changes in the rate are expected but the focus is on tapering expectations. Any significant delay, such as a delay until Q2 2014 in tapering, would be beneficial for the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.0400 – 1.0500

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 30, 2013 | Daily Update | 0 comments