Canadian Dollar Morning Update August 1, 2017
USD/CAD Open: 1.2481-1.2482 Overnight Range: 1.2450-1.2513
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.90 and gold is at $1,273. 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 1.2532. Support is at 1.2436.
CAD is quiet, consolidating slightly below last week’s two-year high. The USD is broadly weaker. CAD’s primary drivers continue to be positive; yield spreads are narrow, WTI is testing $50/barrel. Rate expectations remain firm for the BoC, and monetary policy is likely to continue to be CAD’s primary driver in the medium term. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 | August 1, 2017 | Daily Update |
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