FX Morning Update November 15, 2011
USD/CAD Open: 1.0248-50 Overnight Range: 1.0159-1.0261
The Canadian dollar was hit hard overnight and lost ground vs. the US dollar as risk sentiment worsened. Oil is at $97.97 and gold is at $1,773. NY futures are pointing lower today. Today, US retail sales, US Empire Mfg. index, and Canadian Mfg. Sales data are released.
The short term Canadian dollar technicals remain negative. For today, USD resistance is at 1.0260, 1.0320, and 1.0450. Support is at 1.0213, 1.0131, 1.0031, and 0.9980.
Risk sentiment is lower as the focus is on the eurozone banks and eurozone bond sales. Italian bond yields remain high (near 7%), Spanish bond yields have climbed, and headlines are now starting to talk about France and potential issues that could be creeping up there. Markets are worried that Italy and Spain could soon be looking for a bailout similar to Greece, a sum potentially too large to handle. Today is a data driven event and positive US data could stabilize equity markets and support the loonie but the key focus remains Europe.
Today’s Range: 1.0180 – 1.0295
Daily Market | Knightsbridge Foreign Exchange
By Admin | November 15, 2011 | Daily Update |
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