Canadian Dollar Morning FX Update July 12, 2016
USD/CAD Open: 1.3008-1.3009 Overnight Range: 1.3000-1.3134
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.91 and gold is at $1,348. 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 1.3115. Support is at 1.2997.
The Canadian dollar is stronger this morning, in an environment of risk appetite. Domestic risk is limited leading up to tomorrow’s Bank of Canada rate decision. The Bank of Canada is expected to hold rates, while maintaining a neutral tone. Lower oil prices and wider yield spreads, against a backdrop of a neutral BoC in comparison to a tentatively hawkish Fed could all make headwinds for the Loonie towards the second half of 2016.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 12, 2016 | Daily Update | 0 comments