Canadian Dollar Update August 24, 2016
USD/CAD Open: 1.2940-1.2941 Overnight Range: 1.2901-1.2953
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.30 and gold is at $1,336. 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 1.2971. Support is at 1.2877.
CAD is flat once again this morning, consolidating in the absence of domestic data. FX markets have been quiet, as Friday’s Jackson Hole speech for Fed Chair Yellen remains the week’s main event. Markets are currently pricing in around 10bps of tightening this year, however the Fed has mentioned there remains significant potential for at least one 25bp rate hike in 2016. Commodities remain under pressure, which is also CAD negative. Risk appears to be to the downside for CAD in the short-term.
Today’s Suggested Range USD/CAD: 1.2900 – 1.3000
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 24, 2016 | Daily Update |
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