Canadian Dollar Update August 26, 2016
USD/CAD Open: 1.2871-1.2872 Overnight Range: 1.2866-1.2936
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.39 and gold is at $1,334. 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 1.2928. Support is at 1.2863.
The Canadian dollar is higher this morning, leading up to this morning’s Jackson Hole speech which is scheduled for 10AM EST. US GDP was released for the first half of the year, narrowly missing expectations (+1.1% actual vs. +1.2% expected). Despite early USD weakness as a result of the disappointing data, there remains the potential for Fed Chair Yellen’s speech to be a catalyst for the US dollar.
Today’s Suggested Range USD/CAD: 1.2850 – 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 26, 2016 | Daily Update |
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