Canadian Dollar Update August 7, 2018
USD/CAD Open: 1.2990-1.2991 Overnight Range: 1.2962-1.3009
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.41 and gold is at $1,220. US markets are higher. There are no releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3019. Support is at 1.2941.
CAD is higher early in today’s session. The outlook for central bank policy remains constructive, with market participants pricing in an approximate 80% chance of a 25bp rate hike from the Bank of Canada at October’s meeting. Commodities are steady. There are no domestic releases of consequence before Friday’s employment data.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 KBFX | August 7, 2018 | Daily Update | 0 comments