Canadian Dollar Foreign Exchange Update August 22, 2016
USD/CAD Open: 1.2912-1.2913 Overnight Range: 1.2873-1.2936
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.36 and gold is at $1,341. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2973. Support is at 1.2811.
The Canadian dollar opens the week lower, as Fed Vice Chair Fischer’s hawkish weekend comments have underpinned renewed confidence in the Fed rate hike timeline. Friday’s domestic data releases (CPI and retail sales) were underwhelming, which in tandem with fading gains in oil, have left CAD vulnerable. Friday’s Jackson Hole speech from Fed Chair Yellen will be the main North American event of the week, as the Fed rate hike narrative continues to be the dominant driver in FX movements.
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 22, 2016 | Daily Update |
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