Canadian Dollar Update July 4, 2018
USD/CAD Open: 1.3146-1.3147 Overnight Range: 1.3111-1.3162
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $74.12 and gold is at $1,256. US futures are lower. There are no major domestic data releases scheduled for today.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3199. Support is at 1.3103.
The Canadian dollar has traded narrowly, consolidating recent gains. We expect limited volatility for today’s session in holiday trade. Expectations for July’s Bank of Canada meeting continue to firm. CAD’s primary drivers are providing support in concert, oil prices have made large gains in previous weeks, and yield spreads are narrowing in a CAD-positive manner. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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.
Click Here to Subscribe
By Admin | July 4, 2018 | Daily Update |
0 comments