Canadian Dollar Currency Exchange July 10, 2015 – Still a US Dollar Story
USD/CAD Open: 1.2691-1.2693 Overnight Range: 1.2662-1.2725
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.98 and gold is at $1,159. US futures are higher. Today, Canada released employment data for the month of June.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2747. Support is at 1.2667.
The Canadian dollar is flat this morning after the release of Canadian employment data for June. After May’s upside surprise, it was expected that Canada would shed 10,000 jobs in June. 6,400 jobs were actually shed in June, better than expected. Full-time employment figures were particularly strong, with 64.8K more full-time jobs being created in June being offset by a larger decline in part-time work. The employment data is overall positive, but not enough to meaningfully move markets or the worry of a potential recession in Canada with Canada’s recent weakness in GDP data. Canada’s improving employment picture continues to precede commensurate GDP growth.
Risk appetite is beginning to rebound as Chinese equities rose for the second consecutive session, and Greece has officially submitted a reform proposal for the review of both the Greek parliament and creditors. New developments from China and Greece will drive headlines, and consequently, markets in the short-term.
While today’s jobs numbers weren’t bad, the underlying trend of weakness in oil prices, weak GDP data recently, issues with Greece and the Eurozone, and worries about China all weigh heavily on any Canadian dollar upside. The US dollar story remains strong.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | July 10, 2015 | Daily Update |
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