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Canadian Dollar Update August 9, 2016

USD/CAD Open: 1.3166-1.3167      Overnight Range:      1.3144-1.3190

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $42.87 and gold is at $1,339.  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 1.3186.  Support is at 1.3133.

The Canadian dollar has traded in a remarkably tight range early in the week, consolidating last week’s relative policy driven losses. Oil prices continue to move higher, but an increasingly bearish outlook on the Canadian economy continues to weigh on the Canadian dollar. Last week’s soft employment and trade data have led to deterioration in expectations for the Canadian economy, as OIS is now pricing in a 25% chance of a rate cut over the next year. There are no major domestic data releases until Friday’s retail sales.

Today’s Suggested Range USD/CAD: 1.3100 – 1.3200

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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 Admin | August 9, 2016 | Daily Update | 0 comments