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Canadian Dollar Update July 17, 2017

USD/CAD Open: 1.2655-1.2656      Overnight Range:     1.2639-1.2673

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $46.34 and gold is at $1,233.  US futures are mixed. There are no major domestic data releases scheduled for today.

The short term Canadian dollar technicals are neutral.  For today, USD resistance is at 1.2725.  Support is at 1.2618.

CAD is quiet early in today’s session, consolidating slightly below recent 14-month highs. Domestic expectations continue to firm, with roughly 25bps of tightening priced in over the next 12 months. CAD’s primary drivers remainder supportive; crude is firmer over the past week, and spreads with the United States remain narrow. News surrounding next month’s NAFTA talks is something to take note of in the coming weeks. Domestic releases are limited with the exception of Friday’s CPI and retail sales.

Today’s Suggested Range USD/CAD: 1.2600 – 1.2700

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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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 17, 2017 | Daily Update | 0 comments