Canadian Dollar FX Update August 2, 2016
USD/CAD Open: 1.3043-1.3044 Overnight Range: 1.3035-1.3142
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.43 and gold is at $1,370. 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 1.3127. Support is at 1.3012.
The Canadian dollar is firmer this morning in an environment of broad-based USD weakness. US personal consumption data was in line with expectations (+0.9% YOY actual vs. +0.9% expected). The US Fed has committed to a data driven path to normalization, so we are unlikely to see a change in monetary policy until inflation moves closer to the Fed’s 2% mandate. Crude prices are better supported, as WTI is back over $40/barrel after a fall lower over the weekend. Domestic risk is limited this week ahead of Friday’s trade and employment data releases, so we expect CAD to trade based on broader market sentiment.
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.
Click Here to Subscribe
By Admin | August 2, 2016 | Daily Update |
0 comments