Canadian Dollar Morning Update July 11, 2017
USD/CAD Open: 1.2924-1.2925 Overnight Range: 1.2884-1.2926
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.19 and gold is at $1,211. 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 1.2942. Support is at 1.2880.
The Canadian dollar is soft, a mid-performer amidst an environment of mild USD strength. Risk for CAD is centered around tomorrow’s Bank of Canada statement, where a 25bp rate hike is expected. Other less likely possibilities include a policy hold, or a 50bp rate hike. The Bank of Canada has been adamant in its desire to remove the 50bps of stimulus delivered in 2015. There are no major domestic releases scheduled for today, leaving tomorrow’s rate decision and MPR forecast update as the primary risk to CAD in the short-term.
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 | July 11, 2017 | Daily Update |
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