Canadian Dollar Foreign Exchange Update July 15, 2016
USD/CAD Open: 1.2869-1.2870 Overnight Range: 1.2860-1.2920
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.11 and gold is at $1,329. 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 1.2956. Support is at 1.2832.
The Canadian dollar is flat this morning, consolidating around its 2 week high. High level US data releases will be the main market events for today, with CPI and retail sales being the most important points. US retail sales for June were strong (+0.6% vs. +0.1% expected). US CPI data disappointed slightly in June (+0.2% vs. +0.3% expected). US consumer spending is increasing as the economy continues its recovery; however inflation continues to lag behind the Fed target of 2%, which will have significant implications for the Fed rate hike timeline. Expect the Canadian dollar to follow market sentiment in the absence of domestic data.
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 15, 2016 | Daily Update |
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