Currency Exchange Update July 9, 2015
USD/CAD Open: 1.2676-1.2678 Overnight Range: 1.2669-1.2744
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.22 and gold is at $1,164. US futures are higher. Today, Canada releases data for new housing starts.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2744. Support is at 1.2664.
The Canadian dollar has made modest gains this morning as strong Chinese inflation figures have facilitated an uptick in Chinese equities and oil. Canada released new housing starts data today for the month of June, which were better than expected. Additionally, the US released jobless claims that were higher than expected for last week.
Markets continue to monitor the situations in China and Greece, and in the short-term these will continue to drive FX markets. Canada is set to release employment data tomorrow, which will be an important consideration for the Bank of Canada at next week’s meeting. It’s expected that the BoC will hold rates where they are, but an outside chance of a rate cut persists.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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 9, 2015 | Daily Update |
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