USD/CAD FX Morning Update October 24, 2013
USD/CAD Open: 1.0397-1.0399 Overnight Range: 1.0366-1.0408
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.67 and gold is at $1,339. NY futures are higher today. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0420, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Better than expected Chinese manufacturing data was released overnight. The Bank of Canada hinted that rates may not rise for some time, which is Canadian dollar negative. Many now expect interest rates to rise in 2015. The Canadian dollar has a short term negative trend and expect this to continue until positive Canadian economic data can help support the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0350 – 1.0450
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | October 24, 2013 | Daily Update | 0 comments