Canadian Dollar Update July 20, 2015
USD/CAD Open: 1.2978-1.2980 Overnight Range: 1.2952-1.2999
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.86 and gold is at $1,113. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3015. Support is at 1.2955.
The Canadian dollar was relatively quiet over the weekend, trading around the range of late last week. Following last week’s flurry of activity, this week’s data schedule is light. Oil prices have been consolidating around recent lows of $50/barrel. Greece has reopened banks to the public (with capital controls still in effect), and the country is set to pay its creditors. Greek risk is limited in the short-term, but is likely to reemerge in the medium-long term. In the short-term, broader market tone and oil prices will dictate Canadian dollar movement. The Bank of Canada rate cut dealt a severe blow to the Canadian dollar and its outlook. Oil prices remain the saving hope. As the Canadian dollar continues to lack a catalyst moving into the latter part of 2015, this will continue to be a US dollar story.
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
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.
By Admin | July 20, 2015 | Daily Update |
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