Canadian Dollar Update July 11, 2018
USD/CAD Open: 1.3140-1.3141 Overnight Range: 1.3111-1.3174
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $73.28 and gold is at $1,252. US futures are lower. There are no major domestic data releases scheduled for today.
The short-term USD/CAD technicals are neutral. For today, USD resistance is at 1.3176. Support is at 1.3094.
The Canadian dollar has traded very narrowly the last several sessions. A 25bp rate hike is 90% priced in from the Bank of Canada at this morning’s meeting. Markets are positioning for a dovish hike, and statement tone will be important in outlining the timeline for future monetary policy adjustments. Due to this morning’s Bank of Canada rate decision, additional volatility is possible during today’s session.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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.
Click Here to Subscribe
By Admin | July 11, 2018 | Daily Update |
0 comments