Canadian Dollar Foreign Exchange Update July 25, 2016
USD/CAD Open: 1.3207-1.3208 Overnight Range: 1.3121-1.3216
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $43.55 and gold is at $1,325. 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 1.3221. Support is at 1.3093.
The Canadian dollar is soft this morning, following oil prices lower over the weekend. Domestic risk this week is limited leading up to Friday’s GDP release for May. We expect CAD to trade based on broader market sentiment as well as oil prices throughout the week. Over the past several weeks CAD has traded in tandem with oil prices, which have been soft as of late, with added pressure from widening yield spreads. Until oil prices rebound, CAD downside risk remains elevated.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 25, 2016 | Daily Update |
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