Canadian Dollar Morning Update August 17, 2016
USD/CAD Open: 1.2876-1.2877 Overnight Range: 1.2846-1.2918
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.42 and gold is at $1,350. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2940. Support is at 1.2805.
The Canadian dollar is weaker this morning, falling slightly lower after reaching a two month high yesterday. WTI continues to climb over the past few sessions; however sentiment has been the main driver for the Canadian dollar over the past few weeks. Risk today is centered on the Fed minutes that will be released at 2PM. The USD is strengthening broadly before the release, contributing to CAD’s decline.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 17, 2016 | Daily Update |
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