Canadian Dollar Morning Update July 4, 2016
USD/CAD Open: 1.2859-1.2860 Overnight Range: 1.2850-1.2924
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.17 and gold is at $1,354. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2916. Support is at 1.2764.
The Canadian dollar is higher this morning, as high beta currencies are outperforming early in today’s session. Oil, iron, gold and silver are all higher, lending support to commodity currencies. Due to the holiday in the US, volumes are expected to be lower once European markets close. Friday’s non-farm payrolls in the US will be a key data point this week; another unexpectedly low result will make a rate cut much less likely in the short-term. For today, oil prices along with the BoC Business Outlook Survey will be CAD’s main drivers.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 Admin | July 4, 2016 | Daily Update |
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