Canadian Dollar FX Update July 26, 2017
USD/CAD Open: 1.2527-1.2528 Overnight Range: 1.2501-1.2529
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $48.30 and gold is at $1,253. 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 1.2534. Support is at 1.2482.
The Canadian dollar is trading quietly early in today’s session. Commodities are broadly firmer, most notably copper and crude. CAD shows little correlation to crude at the moment, as monetary policy remains dominant. CAD’s primary drivers remain strong, as crude has been performing well, and spreads with the U.S. remain very narrow. It’s difficult to see spreads converging further in the short-term. We expect the broader tone to remain dominant, as there are no domestic data releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 26, 2017 | Daily Update |
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