USD/CAD FX Morning Update October 23, 2013
USD/CAD Open: 1.0320-1.0323 Overnight Range: 1.0281-1.0339
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.57 and gold is at $1,333. NY futures are higher today. Today, the Bank of Canada releases its policy announcement.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0380, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Borrowing costs for some Chinese banks have increased and this has created some worries about future growth in China and the US dollar is higher. All eyes will be on the Bank of Canada policy announcement. Rates are expected to remain the same but the focus will be on timing of any future rate rise and growth expectations.
Today’s Suggested Range USD/CAD: 1.0255 – 1.0355
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 23, 2013 | Daily Update |
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