Canadian Dollar FX Morning Update July 7, 2014
USD/CAD Open: 1.0635-1.0637 Overnight Range: 1.0620-1.0667
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.88 and gold is at $1,317. US futures are lower. 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.
US equity markets are near record highs and earnings season kicks off tomorrow. Speculators which have been short Canadian dollars for some time are now bullish on the Canadian dollar. There are no major data releases today and this could lead to quiet rangebound activity.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 7, 2014 | Daily Update |
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