Canadian Dollar FX Morning Update August 1, 2014
FX Morning Update August 1, 2014
USD/CAD Open: 1.0930-1.0932 Overnight Range: 1.0890-1.0945
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.84 and gold is at $1,290. US futures are lower. Today, the US releases jobs data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
US jobs data released this morning was weaker than expected, which was slightly USD negative. Oil has drifted lower recently. US yields are higher. The US dollar has had broad based strength over the last week and has retained this strength. The theme seems to be that the US economy is strengthening at a pace that will have the FED raise rates sooner rather than later while the Bank of Canada stays cautious with respect to interest rates.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 1, 2014 | Daily Update |
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