Canadian Dollar US Dollar Morning Update July 9, 2014
USD/CAD Open: 1.0669-1.0671 Overnight Range: 1.0661-1.0684
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.19 and gold is at $1,327. US futures are higher. Today, FOMC minutes are released.
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.
FOMC minutes released today may provide some insight on how the FED may start to plan interest rate hikes mid next year. USD/CAD is steady and rangebound for the most part. Look for the Canadian dollar to remain rangebound until jobs data in Canada is released at the end of the week. The focus remains on jobs and how the Bank of Canada will react, if any, to the rise in the Canadian dollar of late.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 9, 2014 | Daily Update | 0 comments