Canadian Dollar FX Update September 21, 2018
USD/CAD Open: 1.2940-1.2941 Overnight Range: 1.2885-1.2943
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $70.77 and gold is at $1,197. US markets are higher. Today Canada released retail sales data for July, and CPI data for August.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3008. Support is at 1.2876.
Canada’s major data releases today were in line with expectations. Retail sales grew by 0.3% month-over-month in July, and CPI paced 2.8% annualized in August. Strong inflation data will be seen as a positive sign from the Bank of Canada, with current inflation levels approaching the upper-bound of the BoC mandate. The BoC will be weighing strong fundamental data against trade uncertainty in upcoming meetings. There are no additional releases scheduled for today.
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.
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By Admin | September 21, 2018 | Daily Update |
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