Canadian Dollar Morning Update July 25, 2017
USD/CAD Open: 1.2485-1.2486 Overnight Range: 1.2480-1.2526
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.22 and gold is at $1,257. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2562. Support is at 1.2472.
The Canadian dollar is quiet, consolidating slightly below its 2017 high. Central bank policy will continue to be dominant as we move through the second half of 2017. Markets are doubtful that the Fed will raise rates again in 2017 (currently pricing in a sub 50% chance). Expectations surrounding the Bank of Canada are more optimistic, with a 25bp rate hike almost fully priced in for October. Domestic data will be limited this week leading up to Friday’s GDP data for May.
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 | July 25, 2017 | Daily Update |
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