Canadian Dollar Update July 6, 2018
USD/CAD Open: 1.3130-1.3131 Overnight Range: 1.3083-1.3151
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $72.41 and gold is at $1,256. US futures are mixed. Today both Canada and the US released employment data for June.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3159. Support is at 1.3115.
The Canadian dollar is strong early in today’s session. Canada added 31.8k jobs in June, against expectations of 20k. However, unemployment ticked higher, to 6.0% from 5.8%, due to greater labour force participation. US jobs data were also better than expected; 213k jobs added against expectations of 195k. US unemployment has moved to 4.0%. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | July 6, 2018 | Daily Update | 0 comments