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Canadian Dollar FX Update August 3, 2018

USD/CAD Open: 1.2998-1.2999      Overnight Range:     1.2980-1.3039

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $68.81 and gold is at $1,224.  US markets are higher. Today Canada released trade data for June.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.3046.  Support is at 1.2989.

CAD is trading on the upper end of recent levels today. Canadian trade data for June was positive, as the trade deficit narrowed sharply. The US economy added less jobs than expected in July, however unemployment continues to tick lower. Tighter yield spreads are offsetting some weakness in commodities. There are no additional releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.2950 – 1.3050

Sincerely,

Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

www.knightsbridgefx.com

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.

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By KBFX | August 3, 2018 | Daily Update | 0 comments

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