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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Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.

By Admin | October 24, 2013 | Daily Update | 0 comments
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