Canadian Dollar Morning Update July 26, 2016
USD/CAD Open: 1.3238-1.3239 Overnight Range: 1.3179-1.3245
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $42.44 and gold is at $1,328. 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 1.3277. Support is at 1.3159.
The Canadian dollar is little changed from yesterday’s close, as low oil prices continue to hamstring potential CAD upside. The deterioration of oil prices has led to both CAD and NOK being the biggest overnight underperformers. Widening yield spreads have also caused downwards pressure on CAD. This week will be a light week for Canadian data, so we can expect CAD to continue to look to its main drivers of oil prices and yield spreads, as well as the broader market tone.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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 26, 2016 | Daily Update |
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