Canadian Dollar Update July 23, 2015
USD/CAD Open: 1.3000-1.3001 Overnight Range: 1.2946-1.3048
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.32 and gold is at $1,095. US futures are flat. Today, Canada releases retail sales data for May.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3038. Support is at 1.2922.
The Canadian dollar remained flat overnight, trading in a narrow range following last week’s Bank of Canada rate cut. Canadian retail sales for May were strong, growing 1%, beating expectations of 0.5% growth. This outperformance had negligible impact on the Canadian dollar, which saw little movement in spite of the data. Attention still remains with the US Fed meeting next week. US weekly jobless claims continue to fall, now reaching their lowest levels in four decades. The improving labour market will be a factor in the Fed’s decision to raise rates, which is expected later in 2015. With the absence of a catalyst for the Canadian dollar, this will continue to be a US dollar story.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | July 23, 2015 | Daily Update | 0 comments