Canadian Dollar Update July 8, 2016
USD/CAD Open: 1.3035-1.3036 Overnight Range: 1.2989-1.3082
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.90 and gold is at $1,347. US futures are higher. Both Canada and the US release employment data for June today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3064. Support is at 1.2918.
The Canadian dollar continues to see-saw this week, following the price of oil. Jobs data was released for both Canada and the US today. Canadian employment data underwhelmed (-700 actual vs. +5,000 expected), as the Canadian labour market continues to struggle. Contrastingly, US employment exceeded expectations (+287,000 actual vs. +180,000 expected). The US labour market appears to be at full employment, with 4.9% unemployment. Both employment reports will serve as major data points before the next central bank meetings, with a rate hike in the near future a possibility for the US.
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 8, 2016 | Daily Update |
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