Canadian Dollar Foreign Exchange Update July 10, 2017
USD/CAD Open: 1.2901-1.2902 Overnight Range: 1.2857-1.2933
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.78 and gold is at $1,209. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2995. Support is at 1.2861.
The Canadian dollar is slightly below recent 10-month highs early in today’s session, underperforming the majority of the G10 space. Crude is materially lower, weighing on CAD. The focus for this week continues to be Wednesday’s Bank of Canada meeting, where markets are pricing in a 93% chance of a 25bp rate hike. The BoC has expressed a strong desire to remove the 50bps of accommodation made in 2015. There are no major domestic releases scheduled for today’s session.
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 | July 10, 2017 | Daily Update |
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