Canadian Dollar FX Update July 5, 2016
USD/CAD Open: 1.2940-1.2941 Overnight Range: 1.2836-1.2944
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.57 and gold is at $1,351. 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 1.2916. Support is at 1.2764.
CAD is following oil prices lower this morning, underperforming alongside most commodity currencies. Silver, oil, and copper are down fairly sharply today. Safehavens have been the main beneficiaries, with the USD and JPY outperforming. The domestic outlook has decayed following yesterday’s Business Outlook Survey, with OIS pricing in 7bps of easing. Contrasting monetary policy will continue to be a theme throughout the end of 2016, as the US looks to tightening while it’s within the realm of possibility that we see additional easing in Canada before the end of the year. Friday’s US non-farm payrolls will be the main data release of the week.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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.
By Admin | July 5, 2016 | Daily Update |
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