Canadian Dollar FX Morning Update July 14, 2014
USD/CAD Open: 1.0729-1.0731 Overnight Range: 1.0723-1.0748
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.79 and gold is at $1,306. US futures are higher. There are no major data releases today.
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.
Some weaker global growth data points could start to pressure the Canadian dollar, however, the key focus is still North America. The weak Canadian jobs report smacked the Canadian dollar lower on Friday and creates a stronger focus on growth in the Bank of Canada’s next policy update. Any commentary on the increasing Canadian dollar and its impact on growth would be very negative for the loonie.
Today’s Suggested Range USD/CAD: 1.0700 – 1.0800
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 14, 2014 | Daily Update |
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