Canadian Dollar Foreign Exchange Update July 20, 2016
USD/CAD Open: 1.3084-1.3085 Overnight Range: 1.3013-1.3088
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.14 and gold is at $1,316. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3112. Support is at 1.2981.
CAD is soft this morning, following oil prices lower. Given the lack of North American data releases during today’s session, we expect the Canadian dollar to trade based on general market risk tolerance; as well as oil prices, of which we’ve seen a strong correlation of late. The Bank of Canada’s neutral stance at the last meeting has moderated expectations about further policy easing in the short-medium term, lending CAD support. Domestic risk is limited this week leading up to Friday’s CPI and retail sales release.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 20, 2016 | Daily Update |
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