Canadian Dollar USD/CAD FX Morning Update July 3, 2013
USD/CAD Open: 1.0544-1.0546 Overnight Range: 1.0518-1.0560
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.37 and gold is at $1,250. NY futures are lower today. Today, the US releases ADP private payroll data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0599 and 1.0850. Support is at 1.0340, 1.0299, 1.0150, and 1.0010.
US ADP payroll data was better than expected this morning setting the stage for nonfarm payroll data on Friday. A crisis in Portugal is brewing as their government could collapse over austerity issues. Bond yields are higher. The situation in Egypt continues to help bid oil prices higher. The Canadian dollar continues to react to the US dollar but strong domestic data in Canada should help the loonie.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | July 3, 2013 | Daily Update |
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