Canadian Dollar Morning Update July 19, 2016
USD/CAD Open: 1.3037-1.3038 Overnight Range: 1.2883-1.3045
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.33 and gold is at $1,332. 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 1.3052. Support is at 1.2954.
The Canadian dollar is lower this morning, as markets appear risk averse. Domestic risk is limited leading up to Friday’s CPI/retail sales releases. The Canadian dollar has been disconnected from yield spreads, as CAD’s primary driver over the last few sessions has been oil prices. In the absence of domestic data, expect the Canadian dollar to trade based on market sentiment, as well as oil prices for the short-term.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 19, 2016 | Daily Update |
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