Canadian Dollar Update July 9, 2018
USD/CAD Open: 1.3066-1.3067 Overnight Range: 1.3066-1.3101
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $73.75 and gold is at $1,264. US futures are higher. There are no major domestic data releases scheduled for today.
The short-term USD/CAD technicals are bearish. For today, USD resistance is at 1.3130. Support is at 1.3048.
The Canadian dollar is strong, consolidating gains following Friday’s employment report. The focus for the week will be Wednesday’s Bank of Canada rate decision. Last Friday’s trade report saw an uptick in exports. Despite recent concerns, a rate hike at Wednesday’s Bank of Canada meeting is expected. Trade concerns have moderated over the past week. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 KBFX | July 9, 2018 | Daily Update | 0 comments