Canadian Dollar FX Morning Update August 7, 2014
USD/CAD Open: 1.0920-1.0922 Overnight Range: 1.0905-1.0951
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.29 and gold is at $1,307. US futures are higher. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The ECB left interest rates unchanged. The US labor market is improving with US weekly jobless claims data reported better than expected today. Russia retaliated against sanctions with food import bans. The Canadian dollar rallied yesterday on strong export trade data. The next catalyst for the Canadian dollar is Friday’s employment data.
Today’s Suggested Range USD/CAD: 1.0890 – 1.0990
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | August 7, 2014 | Daily Update |
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