Canadian Dollar Update July 21, 2017- May Retail Sales Better Expectations, CPI Lukewarm
USD/CAD Open: 1.2559-1.2560 Overnight Range: 1.2545-1.2609
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.59 and gold is at $1,257. US futures are higher. Today Canada released CPI data for June, as well as retail sales data for May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2642. Support is at 1.2542.
The Canadian dollar is slightly higher, consolidating just below recent 14-month highs. CPI was the lowest since October of 2015, which is mildly concerning, however largely in line with expectations. Retail sales were better than expected, rising for the third month in a row. The Bank of Canada has stressed a data dependent path towards policy normalization, and continues to look to raise rates 25bps in order to remove the stimulus induced in 2015. There are no further domestic data releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 21, 2017 | Daily Update |
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