Canadian Dollar Update July 6, 2016
USD/CAD Open: 1.3034-1.3035 Overnight Range: 1.2964-1.3049
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.02 and gold is at $1,371. US futures are lower. Today Canada releases international merchandise trade data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2981. Support is at 1.3077.
The Canadian dollar is lower this morning in response to lower oil prices. In the post-Brexit environment risk aversion is evident, with G10 currencies performing according to their risk profiles. Commodities are broadly lower; equities are also under pressure as funds begin to flow to safe haven assets including treasuries and gold. Today’s trade data in Canada showed the deficit near record highs, as exports continue to fall. Non-energy exports, which the Bank of Canada is hoping will help the Canadian economy rebound, fell in May. July’s BoC rate decision will provide additional insight as to the state of the Canadian economy.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 6, 2016 | Daily Update |
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