Canadian Dollar FX Update July 28, 2017- May GDP Beats Expectations
USD/CAD Open: 1.2466-1.2467 Overnight Range: 1.2439-1.2568
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.20 and gold is at $1,269. US futures are higher. Today Canada released GDP data for May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2525. Support is at 1.2395.
The Canadian dollar is higher this morning, approaching 2017 highs. Canadian GDP for May was better than expected, pushing CAD higher. Following May’s 0.6% gain (against expectations of 0.2%), the Canadian economy has grown by 4.6% in the 12-month leading up to May, the biggest 12-month figure since 2000. Commodities are firmer as well, as WTI is once again approaching $50/barrel. Monetary policy is poised to continue to be the primary driver in FX markets in the medium term.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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, 2017 | Daily Update |
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