Canadian Dollar Update August 2, 2017
USD/CAD Open: 1.2563-1.2564 Overnight Range: 1.2531-1.2589
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.25 and gold is at $1,271. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2609. Support is at 1.2471.
The Canadian dollar is soft this morning, underperforming most of the G10 currencies. CAD is approximately 1.5% lower than last week’s 2-year high. There are no domestic releases of consequence scheduled until Friday, however today’s EIA oil inventory data could have an impact on short-term oil prices. Crude is lower today, backing off recent challenges of $50/barrel for WTI. Expect CAD to trade based on market sentiment in the absence of data.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 | August 2, 2017 | Daily Update |
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