Canadian Dollar FX Update July 21, 2016
USD/CAD Open: 1.3027-1.3028 Overnight Range: 1.3025-1.3090
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.50 and gold is at $1,319. 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 1.3087. Support is at 1.3007.
The Canadian dollar has traded narrowly throughout the week, leading up to tomorrow’s data releases. CAD has been trading closely with oil over the last few sessions in absence of domestic data releases. Today’s most notable event is the ECB President Draghi’s press conference taking place this morning, and the implications this will have on market risk appetite, and by extension, the Canadian dollar.
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.
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By Admin | July 21, 2016 | Daily Update |
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