FX Morning Update November 14, 2011
USD/CAD Open: 1.0183-86 Overnight Range: 1.0081-10189
The Canadian dollar was volatile in overnight trading as European headlines continue to keep markets jittery. Oil is at $98.16 and gold is at $1,779. NY futures are pointing lower today. There are no major data releases today.
The short term Canadian dollar technicals remain negative. For today, USD resistance is at 1.0213 and 1.0260. Support is at 1.0131, 1.0031, and 0.9980.
Markets will continue to watch Italian bond yields as Berlusconi is out and a new PM will be in. The focus continues to be to see if these eurozone countries can implement sufficient plans to control their debt crisis. It seems like the market is content with choppy trading where USD sellers come in to the market at 1.02’s and USD buyers are coming in around par, causing rangebound trading. Despite strong oil prices of late, the loonie seems to be driven more by changes in risk appetite and expect this to continue.
Today’s Range: 1.0120 – 1.0250
Daily Market | Knightsbridge Foreign Exchange
By Admin | November 14, 2011 | Daily Update |
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