Canadian Dollar Update July 12, 2017- BoC Rate Decision Incoming
USD/CAD Open: 1.2930-1.2931 Overnight Range: 1.2893-1.2940
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.96 and gold is at $1,222. 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 1.2956. Support is at 1.2897.
The Canadian dollar is flat, consolidating within a tight range ahead of today’s Bank of Canada announcement scheduled for 10am ET. Markets are implying a rate increase of 25bps is approximately a 90% possibility, with the alternative outcomes being a rate hold, or a 50bp rate increase. The primary focus will be statement tone from the BoC, as well as the MPR forecast update. The BoC has made it clear that they are looking to withdraw the 50bps of stimulus introduced in 2015, but the path for rates outside of that remains uncertain.
Today’s Suggested Range USD/CAD: 1.2900 – 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 | July 12, 2017 | Daily Update |
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