Canadian Dollar Currency Update August 18, 2015
USD/CAD Open: 1.3081-1.3082 Overnight Range: 1.3077-1.3127
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.82 and gold is at $1,118. US futures are lower. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3155. Support is at 1.3063.
The Canadian dollar remains soft early in the week. Copper prices have reached multi-year lows as commodities continue to struggle. China’s financial markets continue to be turbulent, with a 6.1% decline in the Shanghai composite index prompting a $19 billion dollar liquidity injection from the PBOC. Continued instability in Chinese equities will pressure commodity currencies like the Canadian dollar. In the absence of data releases today, the Canadian dollar can be expected to track the broader market tone. In the medium term, domestic data from the US will continue to be important as the Fed continues on its data driven path towards policy normalization.
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.
By Admin | August 18, 2015 | Daily Update |
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