Canadian Dollar Foreign Exchange Update August 12, 2016
USD/CAD Open: 1.2950-1.2951 Overnight Range: 1.2926-1.2997
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.40 and gold is at $1,361. US futures are lower. Today, top tier data releases are limited to US retail sales.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3051. Support is at 1.2929.
CAD is better supported this morning, extending yesterday’s gains. US retail sales data was disappointing (+0.0% actual vs. +0.4% expected), which could have adversely affect the US economy later in the year. Oil prices have rebounded materially over the last few sessions, with CAD following, suggesting a stronger correlation than weeks past. There are no major Canadian data releases scheduled for today, so CAD is likely to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 12, 2016 | Daily Update |
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