Canadian Dollar Update August 15, 2016
USD/CAD Open: 1.2926-1.2927 Overnight Range: 1.2914-1.2976
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.69 and gold is at $1,343. 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 1.2980. Support is at 1.2901.
The Canadian dollar is modestly higher to begin the week, continuing to trade closely with oil prices as of late last week. WTI’s break of $45/barrel extends last week’s rally, which has been CAD-supportive. US releases of note for this week include tomorrow’s CPI and Wednesday’s Fed minutes. Domestically, risk centers on tomorrow’s manufacturing sales, as well as Friday’s retail sales as CPI. CAD has outperformed since the latter half of next week, with strong oil prices, alongside a moderation in Fed expectations being the main catalysts.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 15, 2016 | Daily Update |
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