Canadian Dollar Foreign Exchange Update August 3, 2017
USD/CAD Open: 1.2597-1.2598 Overnight Range: 1.2562-1.2619
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.87 and gold is at $1,271. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2633. Support is at 1.2552.
The Canadian dollar is lower again this morning, weakening for a fourth consecutive session. CAD’s drivers are mixed, yield spreads are widening modestly in a CAD-negative manner, crude is steady. Domestic rate hike expectations are moderating slightly. There are no domestic releases of consequence scheduled for today, with tomorrow’s trade and employment data being the primary event risk to CAD for the rest of the week.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 3, 2017 | Daily Update | 0 comments