FX Morning Update November 26, 2013
USD/CAD Open: 1.0539-1.0541 Overnight Range: 1.0523-1.0545
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.16 and gold is at $1,246. NY futures are mixed today. Today, US building permit data and consumer confidence data are released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0270, 1.0150, and 1.0010.
The USD/CAD continues to be rangebound and seeks direction from global growth, commodity, and relative interest rates. With the Bank of Canada not expected to move on interest rates anytime soon, the loonie will need support from Chinese and global growth, commodity prices, and a strong domestic economy.
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Today’s Suggested Range USD/CAD: 1.0500 – 1.0600
Rahim Madhavji | Knightsbridge Foreign Exchange
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