USD/CAD Canadian Dollar FX Morning Update October 8, 2013
USD/CAD Open: 1.0317-1.0319 Overnight Range: 1.0314-1.0333
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.73 and gold is at $1,322. NY futures are higher 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.
Politics continues to be the focus as the government shutdown lingers. Many believe a failure to raise the US debt ceiling would be a major event. Any major risk-off event would be US dollar positive but the market seems to be calm and expecting these issues to sort themselves out. This uncertainty is costing the US economy and its likely the FED delays tapering until further economic data is reviewed to see the extent of the damage done by the government shutdown.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 8, 2013 | Daily Update | 0 comments