FX Morning Update November 8, 2011
USD/CAD Open: 1.0169-72 Overnight Range: 1.0120-1.0182
The Canadian dollar was relatively quiet in overnight trading. Oil is at $96.16 and gold is at $1,792. NY futures are pointing higher today.
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, looking for direction.
Markets will be eagerly watching the Italian vote to determine if Berlusconi will be on his way to lose power and markets seem to be reacting positively to the prospect of him being removed. Italian bond yields remain at highs. Finance Minister Flaherty will be speaking and is likely to indicate it will take longer for Canada to balance its budget, but it is likely a non-event. Oil prices remain strong and equity markets are in positive territory suggesting a risk-on theme today. Look for the loonie to follow equities, oil, and risk sentiment and for eurozone issues to continue to drive direction.
Today’s Range: 1.0090 – 1.0190
Daily Market | Knightsbridge Foreign Exchange
By Admin | November 8, 2011 | Daily Update |
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