Canadian Dollar Update July 18, 2017
USD/CAD Open: 1.2606-1.2607 Overnight Range: 1.2580-1.2702
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.80 and gold is at $1,240. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2661. Support is at 1.2552.
The Canadian dollar is testing 14-month highs amidst an environment of broad-based USD weakness. All of the G10 currencies with the exception of the GBP are better against the USD. CAD’s primary drivers continue to provide momentum; crude is higher, and spreads remain narrow. Domestic data is limited until the end of the week. The broader tone is likely to remain dominant.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 18, 2017 | Daily Update |
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