Canadian Dollar Foreign Exchange Update August 3, 2016
USD/CAD Open: 1.3090-1.3091 Overnight Range: 1.3089-1.3148
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $39.85 and gold is at $1,370. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3167. Support is at 1.3024.
CAD is flat from yesterday’s close. Today’s most important data release will be the ADP employment report, which serves as a barometer for Friday’s employment report. The ADP expects the US added 179k jobs in July. Oil prices have fallen below $40/barrel once again; however CAD was disconnected from its main drivers over yesterday’s session. With no domestic releases scheduled today, CAD is likely to take direction from the broader market tone.
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 | August 3, 2016 | Daily Update |
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