FX Morning Update September 27, 2013 USD/CAD Open: 1.0318-1.0320
USD/CAD Open: 1.0318-1.0320 Overnight Range: 1.0307-1.0332
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.13 and gold is at $1,337. NY futures are lower today. Today, the US releases consumer spending data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0360, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
The US budget and a possible government shutdown is becoming more an issue and this only bodes well for the US dollar, the risk-off currency. The US could hit the debt ceiling by mid-October. This uncertainty does not help the risk-on trade.
Today’s Suggested Range USD/CAD: 1.0250 – 1.0350
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | September 27, 2013 | Daily Update |
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