Canadian Dollar US Dollar Morning Update July 8, 2014

USD/CAD Open: 1.0675-1.0679 Overnight Range: 1.0670-1.0695

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.50 and gold is at $1,323. US futures are lower. Today, there are no major data releases.

The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0850 and 1.0990. Support is at 1.0620 and 1.0510.

Earnings season kicks off today after hours and should help set the tone for risk sentiment during the week. The Canadian dollar was weaker yesterday and has not had much change overnight. The growth outlook and inflation are the two main themes impacting the Canadian dollar. Look for rangebound trading today and all eyes on the upcoming jobs data.

Today’s Suggested Range USD/CAD: 1.0600 – 1.0700

Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com

To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. 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.

By Admin | July 8, 2014 | Daily Update | 0 comments