Canadian Dollar FX Update August 19, 2016
USD/CAD Open: 1.2869-1.2870 Overnight Range: 1.2771-1.2892
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.10 and gold is at $1,343. US futures are lower. Canada releases July CPI data this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2866. Support is at 1.2772.
The Canadian dollar is soft this morning, in an environment of US dollar strength. Commodity currencies are underperforming today, CAD included, despite strong oil prices. The changing Fed narrative continues to be the biggest driver in FX markets. Canadian CPI data released today slightly missed expectations (+1.3% vs. +1.4% expected), proving little support for CAD. In the absence of US data, the evolving Fed narrative will continue to be the main driver in FX markets in the short-term.
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 19, 2016 | Daily Update |
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