Canadian Dollar FX Morning Update July 15, 2014
USD/CAD Open: 1.0733-1.0735 Overnight Range: 1.0704-1.0758
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. Today, the US releases retail sales, producer prices 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.
Fed Chairwomen Yellen will give testimony to congress today and her words will be watched carefully to discern interest rate tightening timing. US retail sales were a bit weaker than expected. Tomorrow’s Bank of Canada meeting could be Canadian dollar negative if Poloz comments on the rising Canadian dollar’s impact on exports. Many expect a cautious tone on growth, inflation, and exports, which is generally Canadian dollar negative.
Today’s Suggested Range USD/CAD: 1.0700 – 1.0800
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 15, 2014 | Daily Update |
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