Canadian Dollar Update July 17, 2015
USD/CAD Open: 1.2987-1.2988 Overnight Range: 1.2947-1.2995
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.53 and gold is at $1,142. US futures are higher. Today, both Canada and the United States release inflation data for June.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3004. Support is at 1.2926.
The Canadian dollar continued to soften amidst lower oil prices Friday morning. Oil is now approaching the $50/barrel range, down significantly from the $60/barrel range that was common earlier in the month. Both Canadian and US inflation were in line with expectations for the month of June. The Canadian dollar is approaching the 2009 low of 1.3065, the lowest level since 2009. Economic data, oil prices, and monetary policy will continue to drive the Canadian dollar in the short-term, as Greek risk has subsided for the time being. This will continue to be a US dollar story as the Canadian dollar continues to lack a catalyst in the short-medium term.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
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By Admin | July 17, 2015 | Daily Update |
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