Canadian Dollar Currency Exchange Update July 21, 2015
USD/CAD Open: 1.2985-1.2986 Overnight Range: 1.2973-1.3013
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.23 and gold is at $1,103. US futures are flat. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3019. Support is at 1.2948.
The Canadian dollar has begun to consolidate around current prices, trading within a narrow range early this week. With no major data releases scheduled for Canada and the US, the Canadian dollar should track broader market sentiment as well as oil prices. This week will be light on data in North America. The Fed’s next meeting is scheduled for the 29th of July; markets will be looking for indications on when the Fed plans to hike rates. With a quiet week for the Canadian dollar, this will remain a US dollar story. The Canadian dollar seems to lack catalysts in the short term.
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.
By Admin | July 21, 2015 | Daily Update |
0 comments