Canadian Dollar Foreign Exchange Update August 31, 2016
USD/CAD Open: 1.3124-1.3125 Overnight Range: 1.3079-1.3135
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.95 and gold is at $1,311. US futures are lower. Today Canada releases GDP figures for the second quarter.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3138. Support is at 1.3036.
The Canadian dollar is following oil prices lower this morning. Today Canada released GDP figures for the second quarter, as well as for the month of June. Second quarter GDP was expectedly poor (-1.6% actual vs. -1.5% expected), as the fires in Fort McMurray weighed heavily on exports. June GDP was slightly better than expected (+0.6% actual vs. +0.4% expected), which provides some optimism moving towards the third quarter.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 31, 2016 | Daily Update |
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