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
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
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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 | October 30, 2013 | Daily Update | 0 comments
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