Canadian Dollar FX Update August 11, 2016
USD/CAD Open: 1.3040-1.3041 Overnight Range: 1.3028-1.3080
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.84 and gold is at $1,354. 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 1.3122. Support is at 1.2989.
CAD is modestly higher this morning, as markets continue to trade quietly during this slow data week. The US dollar is mixed on the day, as markets continue to look for direction. Commodities are mixed, with copper higher and crude lower thus far. The Canadian dollar is likely to range trade today, leading up to tomorrow’s retail sales data, which will be the only top-tier domestic release of the week.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 11, 2016 | Daily Update |
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