Canadian Dollar Update July 7, 2017- June Employment Data Surprises to Upside
USD/CAD Open: 1.2892-1.2893 Overnight Range: 1.2887-1.2994
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.75 and gold is at $1,216. US futures are higher. Today both Canada and the U.S. released employment data for June.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3004. Support is at 1.2856.
The Canadian dollar is higher this morning, reaching a fresh nine-month high. Both Canadian and U.S. jobs data surprised to the upside. Canada added 45,000 jobs in June, topping expectations of 10,000 new jobs. The U.S. added 220,000 jobs, against expectations of a gain of 178,000. With positive June employment data, the backdrop has been set for the Bank of Canada to raise rates next week. There are domestic data releases of consequence scheduled for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 7, 2017 | Daily Update |
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