Canadian Dollar FX Update August 16, 2016
USD/CAD Open: 1.2835-1.2836 Overnight Range: 1.2798-1.2934
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.58 and gold is at $1,353. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2922. Support is at 1.2757.
The Canadian dollar has rallied significantly over the past few sessions, reaching a two-month high. US CPI data today met expectations, but inflation was flat over the course of July. Changing expectations in monetary policy (US expectations of a rate hike have moderated, as well as the expectation of a Canadian rate cut), as well as higher oil prices have buoyed CAD over the past several sessions. US Fed minutes released tomorrow should provide additional insight as to the Fed rate hike timeline.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 16, 2016 | Daily Update |
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