Canadian Dollar FX Morning Update July 21, 2014

USD/CAD Open: 1.0747-1.0749 Overnight Range: 1.0727-1.0753

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.45 and gold is at $1,318. US futures are lower. 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.

Further sanctions against Russia seem inevitable now. The US dollar is slightly stronger overnight. The focus is on geopolitical events and earning releases today. The focus on data remains key as the Canadian dollar will likely be guided by jobs, GDP, and inflation data. Look for the Canadian dollar to be rangebound until the next major data release.

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

Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com

To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. 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.

By Admin | July 21, 2014 | Daily Update | 0 comments