Canadian Dollar FX Update August 25, 2016
USD/CAD Open: 1.2930-1.2931 Overnight Range: 1.2896-1.2942
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.63 and gold is at $1,322. 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 1.2951. Support is at 1.2892.
The Canadian dollar continues to trade in a remarkably narrow range this week ahead of tomorrow’s Jackson Hole speech. Oil prices continue to slump this week, putting additional pressure on CAD. Yield spreads are also increasing in a CAD-negative manner, following the disappointing CPI and retail sales data from last week. On balance, CAD risk appears to be to the downside moving towards the end of the week.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 25, 2016 | Daily Update |
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