Canadian Dollar Morning Update August 23, 2016
USD/CAD Open: 1.2905-1.2906 Overnight Range: 1.2884-1.2950
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.81 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 1.2951. Support is at 1.2847.
The Canadian dollar is flat this morning, trading narrowly early in the week. There are no domestic data releases scheduled this week, leaving the focus on the broader market tone. Commodities are under renewed pressure, with WTI slipping below $47/barrel once again. Yield-spreads are also trending in a CAD negative fashion. Friday’s Jackson Hole speech will be the biggest catalyst for North American markets this week.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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 23, 2016 | Daily Update |
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