Canadian Dollar Update July 14, 2017
USD/CAD Open: 1.2714-1.2715 Overnight Range: 1.2692-1.2747
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.18 and gold is at $1,230. 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 1.2759. Support is at 1.2709.
The Canadian dollar is quiet this morning, consolidating around recently set 1-year highs. CAD’s primary drivers are both moving in a CAD-positive manner, as yield spreads with the U.S. are narrowing, and crude is firmer. Central bank policy remains dominant. U.S. inflation data this morning was low, and recent weakness in U.S. data has complicated to timeline for future rate hikes. There are no domestic data releases scheduled in Canada for the rest of the week.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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 14, 2017 | Daily Update |
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