Canadian Dollar Currency Exchange Morning Update July 2, 2014
USD/CAD Open: 1.0648-1.0650 Overnight Range: 1.0626-1.0659
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.81 and gold is at $1,326. US futures are higher. Today, the US releases ADP jobs data.
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.
ADP jobs data released this morning exceeded expectations indicating employers added the most jobs since November 2012 and the US economy continues to heat up. The US releases non-farm payroll data tomorrow. The Canadian dollar remains strong and has held on to recent gains. Growth currencies are doing well. The next Bank of Canada policy update is important as any commentary on the rising Canadian dollar (too fast too soon), could halt the Canadian dollar rally quickly. The Bank of Canada seems to favor a weaker Canadian dollar to boost exports.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 2, 2014 | Daily Update |
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