FX Morning Update April 10, 2013
USD/CAD Open: 1.0152-1.0154 Overnight Range: 1.0143-1.0169
The Canadian dollar was rangebound in overnight trading. Oil is at $93.74 and gold is at $1,579. NY futures are higher. Today, Fed minutes are released.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0125, and 1.0010.
Overnight, Chinese data indicated a trade deficit, implying domestic consumption in China is increasing. Fed members remain divided over how long to keep quantitative easing with some members wanting QE to end sooner rather than later. Typically, removing QE is negative for markets and the loonie. Much of the timing will depend on labor market progress.
Today’s Suggested Range USD/CAD: 1.0125 – 1.0225
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By Admin | April 10, 2013 | Daily Update |
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