FX Morning Update November 7, 2011
USD/CAD Open: 1.0176-79 Overnight Range: 1.0155-1.0205
The Canadian dollar was relatively quiet in overnight trading. Oil is at $94.49 and gold is at $1,776. NY futures are lower today. There are no major data releases today. This week in Canada, housing starts (Tuesday) and trade balance (Thursday) data will be interesting to watch.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.0213 and 1.0260. Support is at 1.0131, 1.0031, and 0.9980. Lately, the USD/CAD has been trading between 0.9900 and 1.0270, consolidating in between.
Greek’s PM has agreed to step down and a new government may be formed to deal with the eurozone bailout plan. Reports that Italian PM Berlusconi may step down are also causing tension in markets. The focus remains on Greece and Italy and Italian bond yields continue to climb as investors continue to remain worried about contagion. The stories spooking the market remain the same and this has caused a backdrop towards the USD as a safe haven.
Today’s Range: 1.0140 – 1.0250
Daily Market | Knightsbridge Foreign Exchange
By Admin | November 7, 2011 | Daily Update |
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