The Canadian dollar posted gains Monday session, continuing the upward trend that marked Friday. USD / CAD was trading at 1.2860. The Canadian dollar posted strong gains Friday, which was somewhat surprising that Canadian markets were closed for Canada Day. US markets are closed Monday for Independence Day, so there is no US scheduled events. Canada will release manufacturing PMI and the Survey BoC business outlook.
With financial markets naturally focused on the amazing Brexit vote, the monetary policy of the Federal Reserve changed to the back burner. That could change later this week, with the release of the minutes from the Federal Reserve. Are the minutes provide clues about rising interest rates? Yellen and her colleagues sounded cautious about the US economy and financial instability caused by Brexit could delay any rise until 2017. Gone are the heady days of last December, when the Fed raised rates and spoke of a series of rate hikes in 2016. Meanwhile, in June has come and gone, and the Fed has not made a move so far this year. Bottom line? Traders should not count on an imminent rise in rates to stimulate the US dollar; rather, the direction of the currency will be largely dependent data -. the Fed is unlikely to seriously consider rate hikes unless we see significantly improved employment figures and inflation
The Brexit vote to leave the EU continues to cause instability deep in Europe and the UK and erased a staggering $ 3000000000000 in global stock markets. Although financial markets have stabilized, the pound shed about 11 percent since the vote, and continued to fall last week. British politicians have sought to calm the public and the markets, but sharp decline in the pound Thursday said that the situation is anything but normal. political image of the country is fluid, as the Conservatives choose a new leader, the Labour Party is in turmoil and elections can not be far. Financially, the pound and the markets have taken a beating and the position of London as a global financial center was shaken. The UK may have voted "Out", but there is no timetable as to when the release will take place or what type of trade agreement will define the new economic relationship between the EU and Great Britain. British officials are in no hurry to leave, but European leaders have called for Britain to leave as soon as possible in order to minimize uncertainty and instability caused by the Brexit vote. Regarding EU Britain finds himself in limbo ( "neither in nor out"), and such uncertainty could weigh on risk currencies like the Canadian dollar until decisions are made regarding the release of Britain from the EU.
USD / CAD Fundamentals
Monday (4 July)
- RBC Canadian Manufacturing PMI 9:30
- 10:30 survey on the outlook for BOC companies
* key releases are bold
* All GMT release time
USD / CAD for Monday, July 4, 2016
USD / CAD 4 July at 8:30 GMT
Open 1.2910 Low 1.2849 Max: 1.2915 Close 1.2855
USD / technical CAD
| S1 | S2 | S1 | R1 | R2 | R3 |
| 1.2562 | 1.2711 | 1.2830 | 1.2952 | 1.3048 | 1.3182 |
- USD / CAD is flat in the Asian session and posted gains in the European session
- is 1.2830 low support line
- 1.2952 ha increased resistance due to loss of USD / CAD in session Monday
other levels in both directions
- below: 1.2830, 1.2711 and 1.2562
- above: 1.2952, 1.3048 and 1.3182
- current range: 1.2830 to 1.2952
Open positions OANDA ratio
report USD / CAD is unchanged Monday that long positions have a majority (55%). This is indicative of a bias towards trader USD / CAD reverse directions and the upper movement.
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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