Canadian Dollar Update August 22, 2017
USD/CAD Open: 1.2541-1.2542 Overnight Range: 1.2525-1.2595
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.26 and gold is at $1,292. US futures are higher. Today Canada released retail sales data for June.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2609. Support is at 1.2550.
The Canadian dollar is stronger this morning, outperforming amongst G10 peers in an environment of broad-based USD strength. Domestic retail sales were lower than expected (+0.1% MoM actual vs. +0.2% expected), however CAD has been little effected by the result. Canadian data has been extremely positive of late, with a rate hike before the end of the year remaining likely. There are no further domestic releases of consequence scheduled for the remainder of today’s schedule.
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 22, 2017 | Daily Update |
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