Canadian Dollar Update July 22, 2016
USD/CAD Open: 1.3080-1.3081 Overnight Range: 1.3055-1.3139
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.90 and gold is at $1,323. US futures are higher. Today, Canada releases retail sales and CPI data for May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2830. Support is at 1.3124.
After falling overnight amidst concerns regarding Canadian data, the Canadian dollar has recovered to yesterday’s levels. Both CPI and retail sales data were released for the month of May today. Retail sales (+0.2% vs 0.0% expected), and CPI data (+0.2% vs +0.1% expected), both were better than market expectations, providing some support for CAD. Oil remains at the lower end of its 2 month range, which has served to limit CAD upside thus far.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 22, 2016 | Daily Update |
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