USD/CAD Canadian Dollar FX Morning Update October 7, 2013
USD/CAD Open: 1.0320-1.0322 Overnight Range: 1.0288-1.0324
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.86 and gold is at $1,319. NY futures are lower today. There are no major data releases today.
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 debt ceiling issue is front and centre and risk aversion is growing as the deadline approaches with no deal in site. Many are now forecasting FED tapering to be delayed until 2014, which is Canadian dollar positive. The USD/CAD continues to be rangebound for the most part but a risk aversion theme is growing.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 7, 2013 | Daily Update |
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