Canadian Dollar FX Update August 8, 2017
USD/CAD Open: 1.2675-1.2676 Overnight Range: 1.2650-1.2690
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.95 and gold is at $1,274. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2715. Support is at 1.2630.
The Canadian dollar is trading lightly, consolidating slightly above Monday’s multi-week low. Domestic rate expectations are moderating, with approximately 20bps of tightening priced in to the October BoC meeting. Crude has been stable for the last week or so, with yield spreads widening slightly in a CAD-negative manner last week. There are no top tier domestic releases scheduled for this week, and the domestic calendar remains light leading up to the August 18 CPI data.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 8, 2017 | Daily Update |
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