#Canadian Dollar #USD/CAD FX Morning Update September 17, 2013
USD/CAD Open: 1.0320-1.0322 Overnight Range: 1.0315-1.0335
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.92 and gold is at $1,314. NY futures are higher today. Today, the US releases CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0250 and 1.0150.
The FOMC has a two data meeting starting today and will release further information tomorrow. Many believe the cheap money time period is over and the FED will start to taper to indicate so. If the tapering amount is larger than $15 billion, the US dollar could rally. The Canadian dollar could rally if tapering does not take place until a later date. USD/CAD could be rangebound ahead of tomorrow’s meeting.
Today’s Suggested Range USD/CAD: 1.0260 – 1.0360
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 17, 2013 | Daily Update |
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