Canadian Dollar USD/CAD FX Morning Update September 18, 2013
USD/CAD Open: 1.0312-1.0314 Overnight Range: 1.0289-1.0315
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $105.86 and gold is at $1,303. NY futures are mixed today. Today, the Fed releases an interest rate announcement.
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.
Today is a big day as the FED will likely indicate if it will reduce stimulus. Many expect FED tapering of $10 billion and a larger amount would be US dollar positive, while a smaller amount would be Canadian dollar positive. The end of a cheap money era could be near. Any future reaction (media interviews, speeches, etc.) by the Bank of Canada to become more hawkish after the FED announcement could also be Canadian dollar positive.
Today’s Suggested Range USD/CAD: 1.0260 – 1.0360
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 18, 2013 | Daily Update |
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