Canadian Dollar Update August 29, 2016
USD/CAD Open: 1.3024-1.3025 Overnight Range: 1.2982-1.3031
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.85 and gold is at $1,324. 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 1.3078. Support is at 1.2885.
The Canadian dollar has traded quietly, remaining around last Friday’s level. Last week’s USD breach of 1.30 seems justified, as Friday’s Jackson Hole speech confirmed that September is a “live” meeting for the US Fed, buoying the USD. Commodities are once again soft, contributing to the risk-off sentiment in markets. US personal consumption expenditures were in line with expectations, but once again showed sluggish inflation. The Fed rate hike narrative will continue to be the main driver for FX markets in the second half of 2016, with Friday’s employment data being a potential catalyst.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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 29, 2016 | Daily Update |
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