Canadian Dollar Update August 10, 2018
USD/CAD Open: 1.3087-1.3088 Overnight Range: 1.3030-1.3123
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.59 and gold is at $1,222. US markets are lower. Today Canada releases employment data for July.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3144. Support is at 1.3022.
CAD is soft, testing fresh two-week lows early in today’s session. CAD fundamentals remain solid; oil prices are steady, as are yield spreads. Employment data for July beat expectations handily, adding 51.4k jobs against expectations of a 17k increase. Renewed geopolitical tensions are weighing on CAD. There are no additional releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 | August 10, 2018 | Daily Update |
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