Canadian Dollar Update July 24, 2018
USD/CAD Open: 1.3157-1.3158 Overnight Range: 1.3141-1.3191
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.82 and gold is at $1,236. US markets are higher. There are no domestic releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3190. Support is at 1.3114.
The Canadian dollar is a mid-performer amidst an environment of mild USD weakness. Near-term domestic risk is limited before next week’s monthly GDP for May. Market participants continue to look towards a resolution to NAFTA talks, which could provide strength to CAD. Yield spreads have narrowed in a CAD-supportive manner. Commodity prices remain a short-term risk.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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.
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By Admin | July 24, 2018 | Daily Update |
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