Canadian Dollar FX Update August 30, 2016
USD/CAD Open: 1.3047-1.3048 Overnight Range: 1.3008-1.3056
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.26 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 1.3060. Support is at 1.2987.
The Canadian dollar is soft this morning, modestly lower than last week’s levels. Sentiment remains the dominant factor in FX markets, with the changing Fed narrative being of primary interest. Fed Vice Chair Fischer speculated that the US economy is “very close” to full employment, adding further fuel to the Fed rate hike fire. Strong data for August’s non-farm payrolls will likely be necessary before we see a move from the Fed. If the Fed continues to be increasingly hawkish, the Canadian dollar will underperform due to CAD’s risk profile.
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 30, 2016 | Daily Update |
0 comments