Canadian Dollar FX Update July 20, 2017
USD/CAD Open: 1.2622-1.2623 Overnight Range: 1.2590-1.2641
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.40 and gold is at $1,247. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2654. Support is at 1.2579.
The Canadian dollar continues to trade quietly ahead of tomorrow’s CPI and retail sales data. CAD’s primary drivers continue to provide support, with crude once again firmer and spreads remaining narrow. Domestic expectations are firming, with OIS currently pricing in 27bps of tightening over the next 12 months. There are no domestic releases scheduled today, leaving CAD likely to track to the broader market for today’s session.
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 | July 20, 2017 | Daily Update |
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