Canadian Dollar Currency Update August 6, 2015
USD/CAD Open: 1.3177-1.3178 Overnight Range: 1.3153-1.3197
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.53 and gold is at $1,084. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3217. Support is at 1.3114.
The Canadian dollar remains flat, trading within a narrow range this week in the absence of domestic data. Tomorrow, both Canada and the US will release employment data. Employment statistics for both Canada and the US have been strong of late, with continued strength in the US labour market making a September rate cut increasingly likely. Oil prices will continue to be a large factor in the short-term for the Canadian dollar, with political uncertainty becoming progressively more important as the election date of October 19th approaches. Leading up to the September FOMC meeting, this will continue to be a US dollar story.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 6, 2015 | Daily Update |
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