Canadian Dollar Update August 18, 2017- July CPI Meets Expectations
USD/CAD Open: 1.2582-1.2583 Overnight Range: 1.2576-1.2691
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.14 and gold is at $1,302. US futures are higher. Today Canada released CPI data for July.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2642. Support is at 1.2527.
The Canadian dollar is strengthening modestly following today’s CPI release, trading above the average for the last week. CPI data met expectations of +1.2% YoY, which is by all accounts a strong rebound. The Bank of Canada has shown a willingness to look past temporary disinflationary pressures, making the possibility of an additional rate hike before the end of the year a strong possibility. CAD’s drivers are positive, with crude higher and yield spreads narrower. The balance of risk appears to favour CAD upside in the short-term.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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.
Click Here to Subscribe
By Admin | August 18, 2017 | Daily Update |
0 comments