Canadian Dollar Foreign Exchange Update July 7, 2016
USD/CAD Open: 1.2928-1.2929 Overnight Range: 1.2912-1.2985
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.91 and gold is at $1,365. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3023. Support is at 1.2884.
The Canadian dollar is higher this morning, as it has been trading in tandem with oil prices in the post-Brexit environment. Tomorrow’s US non-farm payrolls will be the most important data event of the week. The US Fed continues to evaluate whether the weak NFP data from May is indicative of the employment market cooling, or whether it’s an idiosyncrasy. In Canada we await next week’s Bank of Canada policy decision. OIS are currently pricing in a 30% chance of easing over next 12 months.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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.
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By Admin | July 7, 2016 | Daily Update | 0 comments