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