Canadian Dollar Update August 1, 2018
USD/CAD Open: 1.3002-1.3003 Overnight Range: 1.2996-1.3033
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.72 and gold is at $1,228. US markets are higher. There are no domestic releases scheduled for today.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3086. Support is at 1.2973.
CAD is firmer this morning, trading near the upper end of recent levels. Following yesterday’s strong GDP data, markets are pricing in an 80% chance of a 25bp rate hike for the October BoC meeting. Yields spreads have narrowed in a CAD-supportive manner, and oil prices are lower. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 KBFX | August 1, 2018 | Daily Update | 0 comments