Canadian Dollar FX Update July 28, 2016
USD/CAD Open: 1.3156-1.3157 Overnight Range: 1.3100-1.3191
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $41.95 and gold is at $1,349. 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 1.3199. Support is at 1.3118.
The Canadian dollar is stronger this morning, following yesterday’s Fed decision. The Fed decided to hold rates, as inflation remains below the targeted 2%. The US labour market and household spending both continue to improve, contributing to the expectation of two rate hikes from the Fed this year. Commodities are once again lower this morning. Domestic risk is limited today, so we expect the Canadian dollar to look to the broader tone for direction.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 28, 2016 | Daily Update |
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