Canadian Dollar FX Morning Update July 17, 2014

USD/CAD Open: 1.0745-1.0747 Overnight Range: 1.0730-1.0762

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.71 and gold is at $1,305. US futures are lower. Today, there are no major data releases.

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.

The Canadian dollar was lower yesterday immediately after the Bank of Canada report but recovered its losses later in the day showing its resiliency. The US has imposed new sanctions on Russia as geopolitical tensions rise. Weekly US jobless claims were better than expected but US housing data was weaker than expected. The Canadian dollar seems to be resilient and content in its recent range.

Today’s Suggested Range USD/CAD: 1.0700 – 1.0800

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 17, 2014 | Daily Update | 0 comments
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