Canadian Dollar FX Morning Update July 4, 2014
USD/CAD Open: 1.0635-1.0637 Overnight Range: 1.0629-1.0647
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.09 and gold is at $1,318. US markets are closed today. Today, there are no major data releases.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0850 and 1.0990. Support is at 1.0620 and 1.0510.
USD/CAD volume is expected to be light with today being a US holiday. The Canadian dollar seems to be benefiting from a strong North American theme – what’s good for the US is good for Canada eventually. On one hand Canadian growth and inflation is picking up boosting the Canadian dollar, and on the other hand the Bank of Canada lurks in the background perhaps ready to contain Canadian dollar gains.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 4, 2014 | Daily Update |
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