Canadian Dollar Update July 13, CAD Higher Post-BoC
USD/CAD Open: 1.2760-1.2761 Overnight Range: 1.2721-1.2771
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $45.68 and gold is at $1,219. 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 1.2904. Support is at 1.2646.
The Canadian dollar has consolidated slightly below the one-year high set during yesterday’s session. Yesterday the Bank of Canada raised interest rates by 25bps, which was in line with market expectations. The Bank of Canada was optimistic in their tone, expecting the output gap to close by the end of 2017. Yield spreads have narrowed considerably in a CAD-positive manner. There are no major domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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, 2017 | Daily Update |
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