Canadian Dollar Update July 13, 2016
USD/CAD Open: 1.3051-1.3052 Overnight Range: 1.2978-1.3104
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.28 and gold is at $1,342. US futures are higher. Today the Bank of Canada makes its July rate decision.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3124. Support is at 1.2830.
The Canadian dollar opens the morning slightly lower after yesterday’s rally. The focus today will be centered on the Bank of Canada rate decision, where a rate hold and neutral tone are both widely expected. The oil shock recovery in Canada continues to progress more slowly than expected. We can expect elevated volatility today given the significant domestic risk the BoC decision poses.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 13, 2016 | Daily Update |
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